Regulation 2 Interpretation

In these Regulations—

• “the 2009 Regulations” means the Lloyd’s Underwriters (Equalisation Reserves) (Tax) Regulations 2009^f1;

• “relevant accounting period” is any accounting period ending on or after 31st December 2008 but ending before 1st January 2016;

• “relevant deduction” is an amount deducted by a corporate member or a partnership member in computing the member’s profits or losses in a relevant accounting period as a result of the application of section 444BA(2)(a) of ICTA^f2 under regulation 3(3) (reserves maintained by Lloyd’s members which are equivalent to equalisation reserves) of the 2009 Regulations;

• “relevant receipt” is an amount treated as a receipt of the underwriting business of a corporate member or a partnership member in a relevant accounting period as a result of the application of section 444BA(2)(b) of ICTA under regulation 3(3) of the 2009 Regulations; and

• “underwriting business” means, in relation to a corporate member or a partnership member, the member’s underwriting business as a member of Lloyd’s.