SCHEDULES

SCHEDULE 21 Lloyd’s underwriters: individuals

Premiums trust funds

3

For subsection (1) of section 174 of the 1993 Act (premiums trust funds) there shall be substituted the following subsection—

1

For the purposes of the Income Tax Acts and the Gains Tax Acts—

a

a member shall be treated as absolutely entitled as against the trustees to the assets forming part of a premiums trust fund of his; and

b

where a deposit required by a regulatory authority in a country or territory outside the United Kingdom is paid out of such a fund, the money so paid shall be treated as still forming part of that fund.