# The Lloyd’s Underwriters (Tax) Regulations 1995, Regulation 13: Cessation of individual member’s underwriting business – claim for relief where business commenced before 1st January 1972


(1) This regulation applies where—
(a) a member who is an individual has ceased to be a member of Lloyd’s under the rules or practice of Lloyd’s or, if earlier, has given notice of resignation of membership under the rules or practice of Lloyd’s which has not been withdrawn; and
(b) the member’s underwriting business as an underwriting member of Lloyd’s commenced before 1st January 1972.
(2) The member may claim that—
(a) for the last year of assessment in which profits or losses of his underwriting business arising directly from his membership of one or more syndicates, or from assets forming part of a premiums trust fund of one or more syndicates, being profits or losses declared in the underwriting year following the closing year, fall to be included by virtue of the provisions of Chapter III, he shall be charged to tax in respect of those profits on the amount of the actual profits of the period beginning on 6th April and ending on 31st December in that underwriting year (but subject to any deduction or set-off to which he may be entitled under section 385 of the Taxes Act; and
(b) for the year of assessment immediately preceding that referred to in sub-paragraph (a) above, there shall be deducted in computing profits arising as mentioned in that sub-paragraph an amount equal to the lesser of—
(i) the amount of those profits, and
(ii) the amount of the profits of his underwriting business for the underwriting year 1972.
(3) For the purposes only of determining the last year of assessment under paragraph (2) above in any case where the member enters into a quota share contract in relation to a syndicate before the end of the closing year of the syndicate, any loss declared by that syndicate following the making of the contract shall be treated as if it were a declared profit.
(4) A member may not make more than one claim under paragraph (2) above.

---
Source: https://www.legislation.gov.uk/uksi/1995/351/regulation/13 (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-tax-regulations-1995/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.