Provisions relating to both individual and corporate partners in aLloyd’s Scottish limited partnership
Operation of partnership assessment rules3
1
Where section 111(2)4 of the Taxes Act applies in relation to a Lloyd’s Scottish limited partnership—
a
the provisions of Chapter III of Part II of the Finance Act 1993 shall apply, subject to the amendments made by these Regulations, as if the partnership were a member who is an individual;
b
the Lloyd’s Underwriters (Tax) Regulations 19955 shall have effect in relation to that partnership—
i
as if it were a member who is an individual, and
ii
with the omission of regulations 9 to 17;
c
the Lloyd’s Underwriters (Double Taxation Relief) Regulations 19976 shall have effect in relation to that partnership as if it were a member who is an individual.
2
Where section 114(1)7 of the Taxes Act applies in relation to a Lloyd’s Scottish limited partnership—
a
the provisions of Chapter V of Part IV of the Finance Act 1994 shall apply, subject to the amendments made by these Regulations, as if the partnership were a member which is a corporate member;
b
the Lloyd’s Underwriters (Tax) Regulations 1995 shall have effect in relation to that partnership—
i
as if it were a member which is a corporate member, and
ii
with the omission of regulations 9 to 17.