# Finance Act 1993, Paragraph 2

Extent: E+W+S+N.I.

(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) Section 83 of ITA 2007 shall apply as if the income so derived were profits on which the member was assessed under Part 2 of the Income Tax (Trading and Other Income) Act 2005 in respect of the member’s underwriting business for that year.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1993/34/schedule/20A/paragraph/2 (the official version)
Page: https://openlegislation.uk/finance-act-1993/schedule-20A/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.