The Lloyd’s Underwriters (Tax) (1992–93 to 1996–97) Regulations 1995

Explanatory Note

(This note is not part of the Regulations)

These Regulations, which have effect for the years of assessment from 1992–93 to 1996–97 only, relate to underwriting members of Lloyd’s other than corporate members. They make provision for the assessment and collection of tax charged on underwriting members of Lloyd’s in accordance with section 171 of the Finance Act 1993 ( “section 171”) and section 207 of the Taxation of Chargeable Gains Act 1992 ( “section 207”). They also extend the meaning of “members' agent” in certain circumstances for the purposes of Schedule 19 to the Finance Act 1993 ( “Schedule 19”), and make provision for running-off syndicates and for the extension of time limits for making claims, elections or applications under specified provisions of the Management Act and a) the Tax Acts, and b) the Taxation of Chargeable Gains Act 1992 and all other enactments relating to capital gains tax">Taxes Acts.

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

Regulation 3 extends the definition of “members' agent” in section 184(1) of the Finance Act 1993 in the circumstances specified in the regulation.

Regulations 4 and 5 apply provisions corresponding to provisions in the Management Act and a) the Tax Acts, and b) the Taxation of Chargeable Gains Act 1992 and all other enactments relating to capital gains tax">Taxes Acts to the assessment and collection of tax charged in accordance with sections 171 and 207.

Regulations 6 and 7 make provision for extended time limits for making certain assessments to tax.

Regulations 8 to 10 provide dates on or before which tax charged by an assessment on underwriting profits is payable. Regulations 8 and 9 also provide dates on or before which tax charged by an assessment on syndicate gains is payable.

Regulation 11 provides that in the circumstances there specified a members' agent shall be deemed not to have failed to deliver a return of the member’s profit within the time specified by paragraph 10 of Schedule 19.

Regulation 12 provides for the giving of relief if the amount of tax payable in the case of a member’s profit is alleged to be excessive because of an error or mistake in a return made by a members' agent.

Regulation 13 allocates profits and losses of running-off syndicates to underwriting years.

Regulations 14 and 15 provide for the extension of time limits in provisions of the Management Act and a) the Tax Acts, and b) the Taxation of Chargeable Gains Act 1992 and all other enactments relating to capital gains tax">Taxes Acts specified in the Schedule where a claim, election or application is made by an underwriting member of Lloyd’s or his spouse.

Authority for the retrospective effect of these Regulations is given by sections 182(4) and 184(3) of the Finance Act 1993 and section 209(6) of the Taxation of Chargeable Gains Tax Act 1992.