Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “accounting period” in relation to a Lloyd’s Scottish limited partnership has the meaning given by regulation 6(2);

• “corporate member” has the meaning given by section 230(1) of the Finance Act 1994;

• “Lloyd’s Scottish limited partnership” means a limited partnership formed under the laws of Scotland which is a member of Lloyd's;

• “member” means a member of Lloyd’s who is or has been an underwriting member;

• “the Taxes Act” means the Income and Corporation Taxes Act 1988^f1.

For the purposes of these Regulations an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment.