Explanatory note

These Regulations amend the Lloyd’s Underwriters (Tax) Regulations 2005 (S.I. 2005/3338) (the “principal Regulations”) so as to apply the provisions of paragraph 2 of Schedule 11 to the Finance Act 2007 to managing agents of Lloyd’s syndicates. Paragraph 2 of Schedule 11 enables an officer of Revenue and Customs to require a general insurer to provide a report in respect of the amount of technical provisions stated in the general insurer’s accounts. These Regulations modify paragraph 2 so that it also applies in respect of technical provisions made by Lloyd’s syndicates.

Regulation 1 provides for citation, commencement and effect.

Regulation 2 inserts new regulation 5A into the principal Regulations. New regulation 5A applies paragraph 2 of Schedule 11 with modifications so that the provisions of that paragraph operate by reference to Lloyd’s syndicate returns and apply to the managing agents of syndicates.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.