Regulation 2 Amendment of the Lloyd’s Underwriters (Tax) Regulations 2005

The Lloyd’s Underwriters (Tax) Regulations 2005 are amended as follows.

After regulation 5 insert—

“Notice to provide report on technical provisions

5A.

In relation to both members who are individuals and corporate members, paragraph 2 of Schedule 11 to the Finance Act 2007 (technical provisions made by general insurers: enforcement)^f1 shall apply with the following modifications—

(a)

in sub-paragraphs (1), (2), (4), (5) and (6) for “general insurer” in each place it occurs substitute “syndicate’s managing agent”; and

(b)

in sub-paragraph (2)—

(i)

for “general insurer’s” substitute “managing agent’s”, and

(ii)

for “the company tax return” substitute “the syndicate return”.”.