Section 219 Taxation of profits.C1

United Kingdom

(1)

Corporation tax for any accounting period on the profits arising from a corporate member’s underwriting business shall be computed on the profits of that accounting period.

(2)

As respects the profits arising to a corporate member for any accounting period directly from its membership of one or more syndicates, or from assets forming part of a F1premium trust fund—

(a)

the aggregate of those profits shall be computed for tax purposes under F2Part 3 of the Corporation Tax Act 2009 ; and

(b)

accordingly, no part of those profits shall be computed for those purposes F3otherwise than under Part 3 of the Corporation Tax Act 2009 .

(3)

F4... The profits arising to a corporate member for any accounting period—

(a)

from assets forming part of an ancillary trust fund; or

(b)

from assets employed by it in, or in connection with, its underwriting business,

shall be computed for tax purposes under F5Part 3 of the Corporation Tax Act 2009 if, and to the extent that, they do not fall to be computed for those purposes F6otherwise than under Part 3 of that Act .

F7(4)

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F8(4A)

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F9(4B)

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

F10(4C)

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F11(5)

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Annotations

Textual amendments

F1: Words in s. 219(2)(4)(4B) substituted (1.12.2001) by S.I. 2001/3629, art. 87(a)
F2: Words in s. 219(2)(a) substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 392(2)(a) (with Sch. 2 Pts. 1, 2)
F3: Words in s. 219(2)(b) substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 392(2)(b) (with Sch. 2 Pts. 1, 2)
F4: Words in s. 219(3) omitted (21.7.2009) (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 18(a)
F5: Words in s. 219(3) substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 392(3)(a) (with Sch. 2 Pts. 1, 2)
F6: Words in s. 219(3) substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 392(3)(b) (with Sch. 2 Pts. 1, 2)
F7: S. 219(4) omitted (21.7.2009) (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 18(b)
F8: S. 219(4A) omitted (21.7.2009) (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 18(b)
F9: S. 219(4B) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 56
F10: S. 219(4C) omitted (21.7.2009) (with effect in accordance with Sch. 14 para. 31 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 14 para. 18(b)
F11: S. 219(5) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

Modifications

C1: S. 219 applied by 2010 c. 8, s. 454(a) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))

Notes on Chapter V

Modifications

C1

Pt. IV Chapter V (ss. 219-230) modified (1.12.1997) by S.I. 1997/2681, reg. 3(2)(a)

C2

Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 129(4)(6)

Pt. IV Chapter V (ss. 219-230) applied (1.5.1995) by 1995 c. 4, s. 127(16)(a)(19)