SCHEDULES

SCHEDULE 19 U.K. Lloyd’s underwriters: assessment and collection of tax

Modifications etc. (not altering text)

C1 Sch. 19 extended (with modifications) (3.5.1994) by 1994 c. 9, s. 221(1) (subject to s. 221(2))

Part I U.K. Determination of a syndicate’s profit or loss

Preliminary U.K.

1 In this Part of this Schedule “profit or loss”, in relation to a syndicate, means the aggregate amount of such of the profits or losses of all the members of the syndicate (taken together) as arise—

(a) directly from their membership of the syndicate, or

(b) from assets forming part of premiums trust funds,

and “profits” and “losses” shall be construed accordingly.