# The Lloyd’s Underwriters (Tax) (1992-93 to 1996-97) (Amendment) Regulations 1996, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Lloyd’s Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 (S.I. 1995/352).
The amendments concern interest on repayment of income tax (“repayment supplement”) made to an individual who is a member of Lloyd's, in any case where the repayment supplement relates to tax deducted at source from Lloyd’s income other than syndicate income (“taxed income”), or to tax credits in respect of such income. The amendments secure that the date from which the amount of the repayment supplement is calculated is based on the year of assessment in which the underwriting (or calendar) year in which the income concerned was paid ends, and not the year of assessment in which it was paid. Thus, for example, the relevant year of assessment for taxed income received between 1st January 1995 and 5th April 1995 (in the calendar year ending on 31st December 1995) is the year 1995-96, and not 1994-95.
The amendments have effect for the year 1995-96. A similar amendment for the year 1996-97 and subsequent years of assessment is made to the Lloyd’s Underwriters (Tax) Regulations 1995 (S.I. 1995/351) by S.I. 1996/781.
Authority for the retrospective effect of these Regulations is given by section 182(4) of the Finance Act 1993.

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Source: https://www.legislation.gov.uk/uksi/1996/782/note (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-tax-1992-93-to-1996-97-amendment-regulations-1996/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.