The Lloyd’s Underwriters (Tax) (1988–89) Regulations 1991

Explanatory Note

(This note is not part of the Regulations)

These Regulations, which have effect for the year of assessment1988–89 only, provide for the assessment and collection of taxcharged on underwriting members of Lloyd’s in accordance with section450 of the Income and Corporation Taxes Act 1988 (“section 450”), so far as not provided for by Schedule 19A to that Act (“Schedule 19A”), and section 142A of the Capital Gains Tax Act 1979 (“section 142A”). They provide for the determination in certain circumstances of theperson who is a managing agent in relation to a syndicate ofunderwriting members of Lloyd's, and a members' agent in relation to anunderwriting member, for the purposes of Schedule 19A and theseRegulations. They also provide for the extension of time limits forunderwriting members of Lloyd’s and their spouses to make claims,elections or applications under specified provisions of the Taxes Acts.

Regulation 1 provides for citation, commencement and effect andregulation 2 contains definitions.

Regulation 3 applies provisions corresponding to provisions in theTaxes Acts to the assessment and collection of tax charged in accordancewith sections 450 and 142A, with certain modifications specified inSchedule 1.

Regulation 4 provides dates on or before which tax charged by anassessment on underwriting profits and tax charged by an assessment onsyndicate gains is payable.

Regulation 5 provides that in the circumstances there specified amanaging agent shall be deemed not to have failed to comply withparagraph 2(2) or 7(3) of Schedule 19A and a members' agent shall bedeemed not to have failed to comply with paragraph 2B(2) of thatSchedule.

Regulation 6 provides that the like provisions to those in section113(1B) and (3) of the Taxes Management Act 1970 shall apply to adetermination or notice of a determination under Schedule 19A.

Regulation 7 provides for the giving of relief if the amount of taxpayable in the case of a member’s profit is alleged to be excessivebecause of an error or mistake in a return made by a members' agent.Regulation 8 adds to the definitions of“managing agent” and“members' agent” contained in paragraph 1(1) of Schedule 19A.

Regulation 9 provides for the extension of time limits in provisionsof the Taxes Acts specified in Schedule 2 where a claim, election orapplication is made by an underwriting member of Lloyd’s or his or herspouse.

Authority for the retrospective effect of these Regulations is givenby section 142A(6) of the 1979 Act, section 451(1A) of, and paragraph1(3) of Schedule 19A to, the 1988 Act and section 92(7) of the FinanceAct 1989.