Paragraph 361

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Amend Schedule 20A (Lloyd's underwriters: conversion to limited liability underwriting) as follows.

(2)

In paragraph 2—

(a)

in sub-paragraph (2) for “The carry-forward provision” substitute “ Section 83 of ITA 2007 ”, and

(b)

omit sub-paragraphs (3) and (4).

(3)

In paragraph 5(1), in the definition of “ordinary share capital”, for “section 832(1) of the Taxes Act 1988” substitute “ section 989 of ITA 2007 ”.

(4)

In paragraph 7(2) for “Section 385 of the Taxes Act 1988” substitute “ Section 83 of ITA 2007 ”.