The Lloyd’s Underwriters (Tax) Regulations 1995

Managing agents

3.—(1) For the purposes of Parts I and III of Schedule 19 and of these Regulations, if the person who is acting as a managing agent in relation to an underwriting year corresponding to a year of assessment (in this regulation referred to as “the original year of assessment”) is different from the person who was so acting at the end of that underwriting year (in this regulation referred to as “the original agent”), then “managing agent” has the meaning given by sub-paragraph (a) or, as the case may be, sub-paragraph (b) of paragraph (2) below.

(2) If the original agent ceases so to act—

(a) before the beginning of the year of assessment next but two following the original year of assessment, then “managing agent” means—

(i) the person who is so acting at the beginning of that year of assessment, or

(ii) if that person ceases so to act, such person as the Board may determine having regard to all the circumstances;

(b) after the end of the year of assessment next but one following the original year of assessment, then “managing agent” means such person as the Board may determine having regard to all the circumstances.