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Part I Requirements for and tax consequences of new-style funds

  1. Preliminary
  2. General requirements
  3. Payments into fund out of syndicate profits
  4. Payments out of fund to cover cash calls
  5. Payments out of fund to cover syndicate losses
  6. Valuation and payments out of fund of excess amounts
  7. Payments out of fund on cessation
  8. Entitlement of member for tax purposes
  9. Tax exemption for profits arising from assets of fund
  10. Tax consequences of payments into and out of fund
  11. Tax consequences of cessation

Notes on Schedule 20

Modifications

C1

Sch. 20 excluded (1.12.1997 with effect with respect to accounting periods of Lloyd's Scottish limited partnerships ending on or after that date) by S.I. 1997/2681, reg. 7(1)