Paragraph 2 F1

United Kingdom

(1)

This paragraph applies if—

(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)

F2Section 83 of ITA 2007 shall apply as if the income so derived were profits on which the member was assessed under F3Part 2 of the Income Tax (Trading and Other Income) Act 2005 in respect of the member’s underwriting business for that year.

F4(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Sch. 20A inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3
F2: Words 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)
F3: Words 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)
F4: Sch. 20A para. 2(3)(4) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 361(2)(b), Sch. 3 Pt. 1 (with Sch. 2)

Notes on Schedule 20A

Textual amendments

F2: Sch. 20A heading substituted (19.12.2014) by The Lloyd's Underwriters (Conversion of Partnerships to Underwriting through Successor Companies) (Tax) Regulations 2014 (S.I. 2014/3133), regs. 1, 5(7)
F3: Words in Sch. 20A heading inserted (16.6.2016) 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), 9