Interpretation
2.—(1) In these Regulations unless the context otherwise requires–
“Board” means the Commissioners of Inland Revenue;
“member” means an underwriting member of Lloyd's;
“Schedule 16” means Schedule 16 to the Finance Act 1973 and“Schedule 16A” means Schedule 16A to that Act;
“syndicate gains” means the chargeable gains accruing to a member on the disposal of assets forming part of a premiums trust fund;
“syndicate investment income” means the profits or gains arising to a member from assets forming part of a premiums trust fund;
“the Taxes Acts” means the Taxes Management Act 1970(1)and–
(2) For the purposes of these Regulations an underwriting year corresponds to the year of assessment in which it ends.