Regulation 12 Cessation of individual member’s underwriting business by reason of death on or after 6th April 1994 – profits or losses arising after death
For the purposes of the provisions of Chapter III other than Schedule 20, where—
the death of a member occurs on or after 6th April 1994; and
income arises to, or expenses are incurred or paid by, his personal representatives after his death from the carrying on by them of the member’s underwriting business in circumstances where the income or expenses would have been taken into account, by virtue of those provisions, in computing the profits or losses arising to the member from his underwriting business had they arisen or been incurred or paid prior to his death,
the profits or losses arising to the personal representatives from the income and expenses shall be computed as if references in those provisions to profits and losses arising to the member from his underwriting business included references to the profits and losses arising to the personal representatives.