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SCHEDULES

Section 179B

[F1SCHEDULE 20AU.K. [F2[F3Lloyd’s underwriters:] conversion to underwriting through partnership or company]

Textual Amendments

F1Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3

Part 1U.K.Conversion to underwriting through successor companies

IntroductionU.K.

1(1)This Part of this Schedule applies if the following conditions are satisfied.U.K.

(2)Condition 1 is that—

(a)a member gives notice of his resignation from membership of Lloyd’s in accordance with the rules or practice of Lloyd's,

(b)in accordance with such rules or practice, the member does not undertake any new insurance business at Lloyd’s after the end of the member’s last underwriting year, and

(c)the member does not withdraw that notice.

(3)Condition 2 is that all of the member’s outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor company (“the syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the member’s last underwriting year.

(4)Condition 3 is that, immediately before the syndicate capacity disposal,—

(a)the member controls the successor company, and

(b)more than 50% of the ordinary share capital of the successor company is beneficially owned by the member.

(5)Condition 4 is that the syndicate capacity disposal is made in consideration solely of the issue to the member of shares in the successor company.

(6)Condition 5 is that the successor company starts to carry on its underwriting business in the underwriting year F4... next following the member’s last underwriting year.

(7)In this paragraph “the member’s last underwriting year”, in relation to a member who gives notice of his resignation from membership of Lloyd's, means the underwriting year during which, or at the end of which, he ceases to be an underwriting member and becomes a non-underwriting member in accordance with the rules or practice of Lloyd's.

(8)In this paragraph “outstanding syndicate capacity”, in relation to a member, means the syndicate capacity of the member other than any which—

(a)the member disposes of to a person other than a successor member at or before the end of the member’s last underwriting year, or

(b)ceases to exist with effect from the end of that year.

Textual Amendments

Income tax: carry forward of loss relief following conversionU.K.

2(1)This paragraph applies if—U.K.

(a)the member’s total income for a year of assessment includes any income derived by the member from the successor company (whether by way of dividends on the shares issued to the member or otherwise), and

(b)throughout the period beginning with the time of the syndicate capacity disposal and ending with the end of that year of assessment,—

(i)the member controls the successor company, and

(ii)more than 50% of the ordinary share capital of the successor company is beneficially owned by the member.

(2)[F5Section 83 of ITA 2007] shall apply as if the income so derived were profits on which the member was assessed under [F6Part 2 of the Income Tax (Trading and Other Income) Act 2005] in respect of the member’s underwriting business for that year.

F7(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5Words in Sch. 20A para. 2(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(2)(a) (with Sch. 2)

F6Words in Sch. 20A para. 2(2) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 466(2) (with Sch. 2)

F7Sch. 20A para. 2(3)(4) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(2)(b), Sch. 3 Pt. 1 (with Sch. 2)

Capital gains tax: roll-over relief on disposal of syndicate capacityU.K.

3(1)This paragraph applies if—U.K.

(a)the aggregate of any chargeable gains accruing to the member on the syndicate capacity disposal exceeds the aggregate of any allowable losses accruing to him on that disposal, and

(b)the member makes a claim under this paragraph to an officer of the Board.

(2)The amount of the excess mentioned in sub-paragraph (1)(a) above (“the amount of the syndicate capacity gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain.

(3)For the purpose of computing any chargeable gain accruing to the member on a disposal by him of any issued share or any asset directly or indirectly derived from any issued share—

(a)the amount of the rolled-over gain shall be apportioned between the issued shares as a whole, and

(b)the sums allowable as a deduction under section 38(1)(a) of the Gains Tax Act shall be reduced by the amount apportioned to the issued share under paragraph (a) above; but, in the case of a derived asset, the reduction shall be by an appropriate proportion of that amount;

and if the issued shares are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the member.

(4)In this paragraph “the amount of the rolled-over gain” means the lesser of—

(a)the amount of the syndicate capacity gain, and

(b)the aggregate amount of any sums which would be allowable as a deduction under section 38(1)(a) of the Gains Tax Act if the issued shares were disposed of as a whole by the member in circumstances giving rise to a chargeable gain.

(5)In this paragraph the “issued shares” means the shares in the successor company issued to the member in consideration for the syndicate capacity disposal.

Capital gains tax: roll-over relief on disposal of assets of ancillary trust fundU.K.

4(1)This paragraph applies if—U.K.

(a)at the time of, or after, the syndicate capacity disposal, assets forming some or all of the member’s ancillary trust fund are—

(i)withdrawn from the fund, and

(ii)without unreasonable delay, disposed of by him to the successor company (the “ATF disposal”),

(b)the aggregate of any chargeable gains accruing to the member on the ATF disposal exceeds the aggregate of any allowable losses accruing to him on that disposal,

(c)throughout the period beginning with the time of the syndicate capacity disposal and ending with the time of the ATF disposal,—

(i)the member controls the successor company, and

(ii)more than 50% of the ordinary share capital of the successor company is beneficially owned by the member,

(d)the ATF disposal is made in consideration solely of the issue to the member of shares (the “issued shares”) in the successor company, and

(e)the member makes a claim under this paragraph to an officer of the Board.

(2)But this paragraph does not apply if—

(a)the member could have made a claim under paragraph 3 above, and

(b)at the time the member makes a claim under this paragraph, no claim under paragraph 3 above is or has been made by him.

(3)The amount of the excess mentioned in sub-paragraph (1)(b) above (“the amount of the ATF assets gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain.

(4)For the purpose of computing any chargeable gain accruing to the member on a disposal by him of any issued share or any asset directly or indirectly derived from any issued share—

(a)the amount of the rolled-over gain shall be apportioned between the issued shares as a whole, and

(b)the sums allowable as a deduction under section 38(1)(a) of the Gains Tax Act shall be reduced by the amount apportioned to the issued share under paragraph (a) above; but, in the case of a derived asset, the reduction shall be by an appropriate proportion of that amount;

and if the issued shares are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the member.

(5)In this paragraph “the amount of the rolled-over gain” means the lesser of—

(a)subject to sub-paragraph (6) below, the amount of the ATF assets gain, and

(b)the aggregate amount of any sums which would be allowable as a deduction under section 38(1)(a) of the Gains Tax Act if the issued shares were disposed of as a whole by the member in circumstances giving rise to a chargeable gain.

(6)If the market value, immediately before the ATF disposal, of the assets disposed of under that disposal exceeds [F8120% of] the amount of the ATF assets required, the amount of the ATF assets gain shall for the purposes of sub-paragraph (5)(a) above be reduced by multiplying it by—

where—

R is the amount of the ATF assets required, and

T is the market value, immediately before the ATF disposal, of the assets disposed of under that disposal.

(7)In sub-paragraph (6) above “the amount of the ATF assets required” means the [F9appropriate percentage of the amount of security required to be provided by the successor company in respect of its underwriting business in the underwriting year in which the ATF disposal is made.]

[F10(7A)In sub-paragraph (7) above “the appropriate percentage” means the percentage that equates to the percentage of the ordinary share capital of the successor company that is beneficially owned by the member immediately before the ATF disposal.]

(8)This paragraph applies only on the first occasion on or after 6th April 2004 on which the member makes an ATF disposal.

(9)If a claim made by the member under paragraph 3 above is revoked, this paragraph shall apply as if the claim had never been made.

Textual Amendments

F8Words in Sch. 20A para. 4(6) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 4(a)

F9Words in Sch. 20A para. 4(7) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 4(b)

F10Sch. 20A para. 4(7A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 4(c)

Interpretation of this Part of this ScheduleU.K.

5(1)In this Part of this Schedule—U.K.

(2)For the purposes of this Part of this Schedule, shares comprised in any letter of allotment or similar instrument shall be treated as issued unless—

(a)the right to the shares conferred by it remains provisional until accepted, and

(b)there has been no acceptance.

(3)Paragraphs 3 and 4 above (and paragraph 1 above so far as relating to those paragraphs) are to be construed as one with the Gains Tax Act.

Textual Amendments

F11Words in Sch. 20A para. 5(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 279 (with Sch. 2)

F12Words in Sch. 20A para. 5(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(3) (with Sch. 2)

[F14PART 1AU.K.CONVERSION OF PARTNERSHIPS TO UNDERWRITING THROUGH SUCCESSOR COMPANIES

Textual Amendments

IntroductionU.K.

5A.(1)This Part of this Schedule applies if the following conditions are satisfied.U.K.

(2)Condition 1 is that—

(a)a Lloyd’s partnership gives notice of its resignation from membership of Lloyd’s in accordance with the rules or practice of Lloyd’s,

(b)in accordance with the rules or practice, the partnership does not undertake any new insurance business at Lloyd’s after the end of the partnership’s last underwriting year, and

(c)the partnership does not withdraw that notice.

(3)Condition 2 is that all of the partnership’s outstanding syndicate capacity is disposed of by the partnership under a conversion arrangement to a successor company (the “syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the partnership’s last underwriting year.

(4)Condition 3 is that, immediately before the syndicate capacity disposal,—

(a)the converting partners together control the successor company, and

(b)the ordinary share capital of the successor company is beneficially owned by the converting partners in the same, or as nearly as may be the same, proportions as those in which pursuant to the partnership agreement the converting partners are at that time treated as having interests in the partnership’s syndicate capacity.

(5)For the purposes of sub-paragraph (4)(b), ignore any interest of a person other than a converting partner in the partnership’s syndicate capacity.

(6)Condition 4 is that the syndicate capacity disposal is made in consideration solely of the issue to the converting partners of shares in the successor company.

(7)Condition 5 is that the successor company starts to carry on its underwriting business in the underwriting year F15... next following the partnership’s last underwriting year.

(8)In this paragraph “the partnership’s last underwriting year”, in relation to a partnership which gives notice of its resignation from Lloyd’s, means the underwriting year during which, or at the end of which, the partnership ceases to be an underwriting member and becomes a non-underwriting member in accordance with the rules or practice of Lloyd’s.

(9)In this paragraph “outstanding syndicate capacity”, in relation to a partnership, means the syndicate capacity of the partnership other than any which—

(a)the partnership disposes of to a person other than a successor member at or before the end of the partnership’s last underwriting year, or

(b)ceases to exist with effect from the end of that year.

Textual Amendments

Capital gains tax: roll-over relief on disposal of syndicate capacityU.K.

5B.(1)This paragraph applies if—U.K.

(a)the aggregate of any chargeable gains accruing to a converting partner on the syndicate capacity disposal exceeds the aggregate of any allowable losses accruing to the partner on that disposal, and

(b)the partner makes a claim under this paragraph to an officer of Revenue and Customs.

(2)The amount of the excess mentioned in sub-paragraph (1)(a) above (“the amount of the syndicate capacity gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain.

(3)For the purpose of computing any chargeable gain accruing to the partner on a disposal by the partner of any issued share or any asset directly or indirectly derived from any issued share—

(a)the amount of the rolled-over gain shall be apportioned between the issued shares as a whole, and

(b)the sums allowable as a deduction under section 38(1)(a) of the Gains Tax Act shall be reduced by the amount apportioned to the issued share under paragraph (a) above; but, in the case of a derived asset, the reduction shall be by an appropriate proportion of that amount;

and if the issued shares are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the partner.

(4)In this paragraph “the amount of the rolled-over gain” means the lesser of—

(a)the amount of the syndicate capacity gain, and

(b)the aggregate of any sums which would be allowable as a deduction under section 38(1)(a) of the Gains Tax Act if the issued shares were disposed of as a whole by the partner in circumstances giving rise to a chargeable gain.

(5)In this paragraph the “issued shares” means the shares in the successor company issued to the partner in consideration for the syndicate capacity disposal.

Capital gains tax: roll-over relief on disposal of assets of ancillary trust fundU.K.

5C.(1)This paragraph applies if—U.K.

(a)at the time of, or after, the syndicate capacity disposal, assets forming some or all of the ancillary trust fund of the Lloyd’s partnership or of a converting partner are—

(i)withdrawn from the fund, and

(ii)without unreasonable delay, disposed of by the partnership or partner to the successor company (the “ATF disposal”),

(b)the aggregate of any chargeable gains accruing to a converting partner (the “relevant partner”) on the ATF disposal exceeds the aggregate of any allowable losses available to the relevant partner on that disposal,

(c)throughout the period beginning with the time of the syndicate capacity disposal and ending with the time of the ATF disposal—

(i)the converting partners together control the successor company, and

(ii)the proportion of the successor company’s ordinary share capital beneficially owned by the relevant partner is more than 50% of the proportion of that share capital that was beneficially owned by the relevant partner at the time of the syndicate capacity disposal,

(d)the consideration received by the relevant partner on the ATF disposal consists solely of the issue to the relevant partner of shares (the “issued shares”) in the successor company, and

(e)the relevant partner makes a claim under this paragraph to an officer of Revenue and Customs.

(2)But this paragraph does not apply if—

(a)the relevant partner could have made a claim under paragraph 5B above, and

(b)at the time the relevant partner makes a claim under this paragraph, no claim under paragraph 5B above is or has been made by the relevant partner.

(3)The amount of the excess mentioned in sub-paragraph (1)(b) above (“the amount of the ATF assets gain”) shall for the purposes of capital gains tax be reduced by the amount of the rolled-over gain.

(4)For the purpose of computing any chargeable gain accruing to the relevant partner on a disposal by the relevant partner of any issued share or any asset directly or indirectly derived from any issued share—

(a)the amount of the rolled-over gain shall be apportioned between the issued shares as a whole, and

(b)the sums allowable as a deduction under section 38(1)(a) of the Gains Tax Act are reduced by the amount apportioned to the issued share under paragraph (a) above; but, in the case of a derived asset, the reduction shall be by an appropriate proportion of that amount;

and if the issued shares are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the relevant partner.

(5)In this paragraph “the amount of the rolled-over gain” means the lesser of—

(a)subject to sub-paragraph (6), the amount of the ATF assets gain, and

(b)the aggregate amount of any sums which would be allowable as a deduction under section 38(1)(a) of the Gains Tax Act if the issued shares were disposed of as a whole by the relevant partner in circumstances giving rise to a chargeable gain.

(6)If the market value, immediately before the ATF disposal, of the assets disposed of under that disposal exceeds [F16120% of] the amount of the ATF assets required, the amount of the ATF assets gain shall for the purposes of sub-paragraph (5)(a) be reduced by multiplying it by—

where—

  • R is the amount of the ATF assets required, and

  • T is the market value, immediately before the ATF disposal, of the assets disposed of under that disposal.

(7)In sub-paragraph (6) above “the amount of the ATF assets required” means the [F17appropriate percentage of the amount of security required to be provided by the successor company in respect of its underwriting business in the underwriting year in which the ATF disposal is made.]

[F18(7A)In sub-paragraph (7) above “the appropriate percentage” means the percentage that equates to the percentage of the ordinary share capital of the successor company that is beneficially owned by the relevant partner immediately before the ATF disposal.]

(8)This paragraph applies—

(a)in relation to assets forming some or all of the Lloyd’s partnership’s ancillary trust fund, only on the first occasion on or after 19th December 2014 on which the partnership makes an ATF disposal, and

(b)in relation to assets forming some or all of a converting partner’s ancillary trust fund, only on the first occasion on or after 19th December 2014 on which the partner makes an ATF disposal.

(9)If a claim made under paragraph 5B is revoked, this paragraph applies as if the claim had never been made.

Textual Amendments

F16Words in Sch. 20A para. 5C(6) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 7(a)

F17Words in Sch. 20A para. 5C(7) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 7(b)

F18Sch. 20A para. 5C(7A) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Lloyds Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 (S.I. 2016/597), regs. 1(1), 7(c)

Interpretation of this Part of this ScheduleU.K.

5D.(1)In this Part of this Schedule—U.K.

(2)For the purposes of this Part of this Schedule, shares comprised in any letter of allotment or similar instrument shall be treated as issued unless—

(a)the right to the shares conferred by it remains provisional until accepted, and

(b)there has been no acceptance.

(3)Paragraphs 5B and 5C above (and paragraph 5A above so far as relating to those paragraphs) are to be construed as one with the Gains Tax Act.]

Textual Amendments

Part 2U.K.Conversion to underwriting through successor partnerships

IntroductionU.K.

6(1)This Part of this Schedule applies if the following conditions are satisfied.U.K.

(2)Condition 1 is that—

(a)a member gives notice of his resignation from membership of Lloyd’s in accordance with the rules or practice of Lloyd's,

(b)in accordance with such rules or practice, the member does not undertake any new insurance business at Lloyd’s after the end of the member’s last underwriting year, and

(c)the member does not withdraw that notice.

(3)Condition 2 is that all of the member’s outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor partnership (“the syndicate capacity disposal”) with effect from the beginning of the underwriting year next following the member’s last underwriting year.

(4)Condition 3 is that the member is the only person who disposes of syndicate capacity under a conversion arrangement to the successor partnership.

(5)Condition 4 is that the successor partnership starts to carry on its underwriting business in the underwriting year next following the member’s last underwriting year.

(6)In this paragraph “the member’s last underwriting year”, in relation to a member who gives notice of his resignation from membership of Lloyd's, means the underwriting year during which, or at the end of which, he ceases to be an underwriting member and becomes a non-underwriting member in accordance with the rules or practice of Lloyd's.

(7)In this paragraph “outstanding syndicate capacity”, in relation to a member, means the syndicate capacity of the member other than any which—

(a)the member disposes of to a person other than a successor member at or before the end of the member’s last underwriting year, or

(b)ceases to exist with effect from the end of that year.

Income tax: carry forward of loss relief following conversionU.K.

7(1)This paragraph applies if—U.K.

(a)the member’s total income for a year of assessment includes profits of the successor partnership’s underwriting business, and

(b)throughout the period beginning with the time of the syndicate capacity disposal and ending with the end of that year of assessment, the member is beneficially entitled to more than 50% of the profits of that business.

(2)[F20Section 83 of ITA 2007] (carry-forward of trading losses against subsequent profits) shall have effect, in its application in relation to the losses of the old underwriting business, as if the profits of the successor partnership’s underwriting business to which the member is beneficially entitled for that year were profits on which the member was assessed under [F21 Part 2 of the Income Tax (Trading and Other Income) Act 2005] in respect of the old underwriting business for that year.

(3)In sub-paragraph (2) above “the old underwriting business” means the member’s underwriting business carried on otherwise than through the successor partnership.

Textual Amendments

F20Words in Sch. 20A para. 7(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(4) (with Sch. 2)

F21Words in Sch. 20A para. 7(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 466(3) (with Sch. 2)

Interpretation of this Part of this ScheduleU.K.

8U.K.In this Part of this Schedule—

Textual Amendments

Part 3U.K.Supplementary provisions

Withdrawal of resignation noticeU.K.

9(1)This paragraph applies if a member—U.K.

(a)makes a claim for relief under or by virtue of [F23Part 1 or 2 of] this Schedule, and

(b)subsequently withdraws the notice of his resignation from membership of Lloyd's.

(2)The member must give written notice of such withdrawal to an officer of the Board.

(3)Such a notice must be given no later than six months from the date of the withdrawal of the notice of resignation.

(4)All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).

(5)If a member fails, fraudulently or negligently, to comply with sub-paragraphs (2) and (3) above, section 95 of the Taxes Management Act 1970 shall apply to him as if he had fraudulently or negligently made an incorrect return, statement or declaration in connection with the claim for relief made by him under or by virtue of this Schedule.

(6)In this paragraph “tax” means income tax, capital gains tax or inheritance tax.

Textual Amendments

[F249A.(1)This paragraph applies if—U.K.

(a)a person makes a claim for relief under or by virtue of Part 1A of this Schedule, and

(b)the Lloyd’s partnership in respect of which the claim is made withdraws the notice of its resignation from Lloyd’s.

(2)The person must give written notice of such withdrawal to an officer of Revenue and Customs.

(3)Such a notice must be given no later than 6 months from the date on which the person first became aware of the withdrawal of the notice of resignation.

(4)Unless the person proves otherwise, it shall be assumed that the person became aware of the withdrawal of the notice on the day on which it was withdrawn.

(5)All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required as a result of the withdrawal of the notice of resignation (notwithstanding any limitation on the time within which any adjustment may be made).

(6)If a person fails, carelessly or deliberately, to comply with sub-paragraph (2) or (3) above, Schedule 24 to the Finance Act 2007 shall apply as if—

(a)the person had given HMRC a document of a kind listed in the Table in paragraph 1 of that Schedule, and

(b)the document contained an inaccuracy which was careless or deliberate on the person’s part and amounted to an understatement of a liability to tax equivalent to the amount of the adjustments required by sub-paragraph (5) to be made.

(7)In this paragraph “tax” means income tax, capital gains tax or inheritance tax.]

Textual Amendments

Interpretation of this ScheduleU.K.

10U.K.In this Schedule—

Textual Amendments

Application of this ScheduleU.K.

11(1)Paragraphs 2 and 3 above (and the other provisions of this Schedule so far as relating to those paragraphs) have effect in relation to syndicate capacity disposals (within the meaning of Part 1 of this Schedule) made on or after 6th April 2004.U.K.

(2)Paragraph 4 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 6th April 2004 (even if the syndicate capacity disposal mentioned in that paragraph was made before that date).

[F26(2A)Paragraph 5B above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 1A of this Schedule) made on or after 19th December 2014.

(2B)Paragraph 5C above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to ATF disposals (within the meaning of that paragraph) made on or after 19th December 2014 (even if the syndicate capacity disposal was made before that date).]

(3)Paragraph 7 above (and the other provisions of this Schedule so far as relating to that paragraph) have effect in relation to syndicate capacity disposals (within the meaning of Part 2 of this Schedule) made on or after 6th April 2004.]

Textual Amendments