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The Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006

S.I. 2006/111 · Made 23 January 2006

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

CORPORATION TAX

Made 23rd January 2006

Laid before the House of Commons 24th January 2006

Coming into force 14th February 2006

The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by section 182(1) of the Finance Act 1993f1 and section 229 of the Finance Act 1994f2 and now vested in themf3, and having regard to the relevant changes in the rules or practice of Lloyd's, make the following Regulations:

Annotations to the whole text

Footnotes

f1

1993 c. 34; section 182(1) was relevantly amended by section 45 of the Finance (No. 2) Act 2005 (c. 22).

f2

1994 c. 9; section 229 was relevantly amended by section 45 of the Finance (No. 2) Act 2005.

f3

The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11).

Contents

  1. 1Citation, commencement and effect
  2. 2Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  3. 3Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  4. 4Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  5. 5Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  6. 6Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  7. 7Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  8. 8Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  9. 9Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997
  10. Signature
  11. Explanatory note

1Citation, commencement and effect

(1)

These Regulations may be cited as the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) (Amendment) Regulations 2006 and shall come into force on 14th February 2006.

(2)

These Regulations shall have effect with respect to accounting periods of Lloyd’s partnerships ending on or after that date.

2Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

The Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997f1 are amended as follows.

3Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In the title and citation of those Regulations omit “Scottish Limited”.

4Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulations 2 to 10, except in—

(a)

the definition of “Lloyd’s Scottish limited partnership” in regulation 2(1), and

(b)

regulation 8,

omit “Scottish Limited” wherever those words occur (including in the headings to Parts of those Regulations).

5Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulation 2(1) add at the appropriate place—

  • ““Lloyd’s partnership” means—

    1. (a)

      a Lloyd’s Scottish limited partnership, or

    2. (b)

      a limited liability partnership formed under the law of any part of the United Kingdom which is a member of Lloyd's.”.

6Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulation 3(1)—

(a)

for “section 111(2) of the Taxes Act” substitute “section 849 of the Income Tax (Trading and Other Income) Act 2005f1”; and

(b)

after sub-paragraph (b) insert—

“(ba)

the Lloyd’s Underwriters (Tax) Regulations 2005f2 shall have effect in relation to the partnership as if it were a member who is an individual.”.

7Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulation 3(2) at the end add—

“; and

(c)

the Lloyd’s Underwriters (Tax) Regulations 2005 shall have effect in relation to the partnership as if it were a member which is a corporate member.”.

8Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulation 6(1)(a) for “section 60(2) to (5), and sections 61 to 63A, of the Taxes Act” substitute “Chapter 15 of Part 2 of the Income Tax (Trading and Other Income) Act 2005”.

9Amendment of (and extension to) the Lloyd’s Underwriters (Scottish Limited Partnerships) (Tax) Regulations 1997

In regulation 10 for “computation under section 111 of the Taxes Act” substitute “calculation under Part 9 of the Income Tax (Trading and Other Income) Act 2005”.

Signature

David Varney

Michael Hanson

Two of the Commissioners for Her Majesty’s Revenue and Customs

23rd January 2006

Explanatory note

(This note is not part of the Regulations)

Members of Lloyd’s are taxed according to legislation set out in Chapter 3 of Part 2 to the Finance Act 1993 (for individuals) and Chapter 5 of Part 4 to the Finance Act 1994 (for corporation tax). The Lloyd’s (Scottish Limited Partnerships)(Tax) Regulations 1997 (S.I. 1997/2681) ensure that the tax rules for Lloyd’s and partnerships operate satisfactorily in relation to Scottish Limited partnerships (“SLPs”), hitherto the only form of partnerships admitted to membership of Lloyd's.

Lloyd’s has now amended its membership byelaws to admit limited liability partnerships (“LLPs”) with effect from 7th December 2005. These Regulations accordingly amend S.I. 1997/2681 so that in future they will apply to “Lloyd’s partnerships” (defined as SLP or LLP members of Lloyd's).

A Regulatory Impact Assessment has not been published for this instrument as it has no significant impact on business, charities or voluntary bodies.