# The Lloyd’s Underwriters (Special Reserve Funds) (Amendment) Regulations 1995, Regulation 4: Amendments to the principal Regulations


For regulation 7 there shall be substituted the following regulations—
“7 (1) For the purposes of the Income Tax Acts and these Regulations—
(a) references in paragraphs 1, 3 to 6, 8 and 10 of Schedule 20 to a member, other than references relating to a member’s special reserve fund, shall be construed, in the circumstances specified in paragraph (2) below and unless the context otherwise requires, as including references to the member’s personal representatives;
(b) references in those paragraphs to a member’s special reserve fund shall be construed, in the circumstances specified in paragraph (2) below and unless the context otherwise requires, as including references to income arising after the death of the member from assets of the fund and retained by the trustees, and profits arising from the investment of that income.
(2) The circumstances specified in this paragraph are where—
(a) the member dies on or after 6th April 1994, and
(b) the member’s personal representatives carry on his underwriting business after his death.
(3) This regulation shall have effect—
(a) in its application to paragraphs 1, 3 to 6 and 8 of Schedule 20, for the year 1994-95 and subsequent years of assessment;
(b) in its application to paragraph 10 of Schedule 20, for the year 1997-98 and subsequent years of assessment.
7A (1) Paragraph 9 of Schedule 20 (tax exemption for profits arising from assets of fund) shall apply with the modifications specified in paragraphs (2) and (3) below.
(2) In sub-paragraph (1) after the words “special reserve fund” there shall be inserted the words “or arising after the death of the member from the investment of income retained by the trustees”.
(3) In sub-paragraphs (2) and (3) after the words “special reserve fund” in both places where they occur there shall be inserted the words “or arising after the death of the member as mentioned in sub-paragraph (1) above”.
(4) This regulation shall have effect for the year 1994-95 and subsequent years of assessment.”.

---
Source: https://www.legislation.gov.uk/uksi/1995/1185/regulation/4 (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-special-reserve-funds-amendment-regulations-1995/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.