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10.—(1) This regulation applies where—
(a)regulation 3(1) applies in relation to a Lloyd’s Scottish limited partnership, and
(b)an individual who is a partner in the partnership ceases to carry on his partnership business, whether by reason of death or otherwise.
(2) The date on which the individual’s partnership business is permanently discontinued for the purposes of section 388 of the Taxes Act(1) (carry-back of terminal losses) (“section 388”) shall be deemed to be the 5th April in the last year of assessment in which his share of the profits or losses of that business arising from the partnership’s membership of one or more syndicates, or from assets forming part of a premiums trust fund, fall to be included in a computation under section 111 of the Taxes Act.
(3) A partner may not make more than one claim under section 388 in respect of the same partnership business.
Section 388 was amended by sections 209(6) and 214(1)(d) of, and Part V(24) of Schedule 26 to, the Finance Act 1994.
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