{
  "url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005/regulation-3",
  "json_url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005/regulation-3.json",
  "legislation": "uksi/2005/3338",
  "legislation_title": "The Lloyd’s Underwriters (Tax) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/lloyds-underwriters-tax-regulations-2005",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Preliminary",
  "text": "In this Part of these Regulations “profit or loss”, in relation to a syndicate, means the aggregate amount of such of the profits or losses of all the members of the syndicate (taken together) as arise—\n(a) directly from their membership of the syndicate, or\n(b) from assets forming part of premium trust funds,\nand “profits” and “losses” shall be construed accordingly.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/3338/regulation/3",
    "retrieved_at": "2026-10-29T04:41:38.440655+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}