# The Lloyd’s Underwriters (Tax) Regulations 1995, Regulation 2: Interpretation


(1) In these Regulations unless the context otherwise requires—
“ancillary trust fund” in relation to a member who is an individual has the meaning given by section 184(1) of the Finance Act 1993, and in relation to a corporate member has the meaning given by section 230(1) of the Finance Act 1994;
“the Board” means the Commissioners of Inland Revenue;
“Chapter III” means Chapter III of Part II of the Finance Act 1993, and “Chapter V” means Chapter V of Part IV of the Finance Act 1994;
“inspector” includes any officer of the Board;
“Management Act” means the Taxes Management Act 1970;
“managing agent” in relation to a member who is an individual has the meaning given by section 184(1) of the Finance Act 1993 as extended by regulation 3, and in relation to a corporate member has the meaning given by section 230(1) of the Finance Act 1994 as extended by that regulation;
“member” means a member of Lloyd’s who is an individual or, as the case may be, a corporate member and who is or has been an underwriting member;
“quota share contract” in relation to a member who is an individual has the meaning given by section 178(4) of the Finance Act 1993, and in relation to a corporate member has the meaning given by section 225(4) of the Finance Act 1994;
“Schedule 19” and “Schedule 20” mean respectively Schedule 19 and Schedule 20 to the Finance Act 1993;
“the Taxes Act” means the Income and Corporation Taxes Act 1988;
“section 179” and “section 179A” mean respectively, section 179 and section 179A of the Finance Act 1993;
“underwriting business” in relation to a member who is an individual has the meaning given by section 184(1) of the Finance Act 1993, and in relation to a corporate member has the meaning given by section 230(1) of the Finance Act 1994.
(2) For the purposes of these Regulations an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment.
(3) References in these Regulations to the profits or losses of the underwriting business of a member who is an individual are references to profits or losses of that business within Chapter III, and references to the profits or losses of a corporate member’s underwriting business are references to the profits or losses of that business within Chapter V.

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Source: https://www.legislation.gov.uk/uksi/1995/351/regulation/2 (the official version)
Page: https://openlegislation.uk/lloyds-underwriters-tax-regulations-1995/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.