Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “the Board” means the Commissioners of Inland Revenue;

• “inspector” includes any officer of the Board;

• “managing agent” and “members' agent” have the meanings which they have in Schedule 19A;

• “member” means an underwriting member of Lloyd's;

• “Schedule 19A” means Schedule 19A to the Income and Corporation Taxes Act 1988;

• “section 207” means section 207 of the Taxation of Chargeable Gains Act 1992^f1;

• “section 450” means section 450 of the Income and Corporation Taxes Act 1988^f2;

• “syndicate gains” means the chargeable gains accruing to a member on the disposal of assets forming part of a premiums trust fund;

• “syndicate investment income” means the profits or gains arising to a member from assets forming part of a premiums trust fund;

• “the Taxes Acts” means the Taxes Management Act 1970^f3and—

  1. (a)

     the Tax Acts, and

  2. (b)

     the Taxation of Chargeable Gains Act 1992 and all other enactments relating to capital gains tax.

For the purposes of construing any reference in these Regulations to the year of assessment which corresponds to an underwriting year or to the underwriting year which corresponds to a year of assessment, an underwriting year and a year of assessment correspond to each other if the underwriting year ends in the year of assessment.