Search Legislation

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

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Running-off syndicates

13.  (1)  Where for an underwriting year corresponding to a year of assessment (in this regulation called “the basis year”) the accounts of a syndicate remain open beyond the end of the closing year, any profits or losses of a member’s underwriting business which arise—

(a)directly from his membership of that syndicate, or from assets forming part of a premiums trust fund of that syndicate, and

(b)in an underwriting year corresponding to a year of assessment after the closing year,

shall be deemed, for the purposes of section 171 of the Finance Act 1993 and all other purposes of the Income Tax Acts and subject to paragraph (2) below, to be referable or, as the case may be, to be allocated to the last underwriting year but one preceding the year in which they arise, and not to the basis year.

(2) Where in a case to which paragraph (1) above applies the member dies and the underwriting year corresponding to the year of assessment in which he died is earlier than the underwriting year to which the profits or losses of his underwriting business referred to in that paragraph are deemed to be referable or allocated by virtue of that paragraph, the profits or losses in question shall be deemed, for the purposes of section 171 of the Finance Act 1993 and all other purposes of the Income Tax Acts, to be referable or allocated to the underwriting year corresponding to the year of assessment in which he died.

(3) This regulation shall have effect in relation to profits or losses of a member’s underwriting business arising in the underwriting year 1994 or 1995.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources