# Finance Act 1994, Section 219: Taxation of profits.

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

(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 premium trust fund—
(a) the aggregate of those profits shall be computed for tax purposes under Part 3 of the Corporation Tax Act 2009 ; and
(b) accordingly, no part of those profits shall be computed for those purposes otherwise than under Part 3 of the Corporation Tax Act 2009 .
(3) ... 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 Part 3 of the Corporation Tax Act 2009 if, and to the extent that, they do not fall to be computed for those purposes otherwise than under Part 3 of that Act .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/ukpga/1994/9/section/219 (the official version)
Page: https://openlegislation.uk/finance-act-1994/section-219
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.