# The Lloyd’s Underwriters (Tax) Regulations 1989, Regulation 5: Set-off


(1) Where any syndicate profit or loss returned by an agent under paragraph 2(1) of Schedule 16A includes any syndicate investment income which has suffered tax by way of deduction, the tax so deducted shall be set in the first place against the amount (if any) payable under paragraph 3(1)(a) of Schedule 16A.
(2) Where, under the provisions of section 87 of the Finance Act 1972, the aggregate amount of any such income includes an amount of tax credit, the amount of that credit shall be set in the first place against the amount so payable.
(3) Where any such income includes interest or dividends to which the Income Tax (Building Societies) Regulations 1986apply, the amount actually paid or credited shall be deemed to be a net amount corresponding to a gross amount from which income tax has been deducted at the basic rate for the year 1986–87.

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Source: https://www.legislation.gov.uk/uksi/1989/421/regulation/5 (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-tax-regulations-1989/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.