# The Lloyd’s Underwriters (Tax) Regulations 1995, Regulation 15: Cessation of individual member’s underwriting business by reason of death – winding up of old-style special reserve fund


(1) In any case where—
(a) a member ceases to carry on his underwriting business by reason of his death;
(b) the member’s final year of assessment, ascertained in accordance with the provisions of Chapter III and these Regulations, is the year 1992–93 or any subsequent year of assessment; and
(c) prior to his death no new-style fund had been set up in relation to the member;
subsection (4) of section 175 of the Finance Act 1993 (winding-up of old-style fund) shall apply as if paragraph (b) of that subsection was omitted.
(2) In paragraph (1) above,“new-style fund” and “old-style fund” have the meanings given by paragraph 12(1) of Schedule 20.

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Source: https://www.legislation.gov.uk/uksi/1995/351/regulation/15 (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-tax-regulations-1995/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.