Paragraph 13 IntroductionF1

(1)

Parts 1 to 3 of this Schedule apply to a company as a corporate member of a syndicate as they apply to a company as a corporate partner of a partnership as if references to—

(a)

partnership were to syndicate;

(b)

corporate partner or corporate partners were to corporate member or corporate members;

(c)

partnership return were to syndicate return;

(d)

return period were to underwriting year;

(e)

the representative partner were to the syndicate’s managing agent;

(f)

“calculated under section 1259 of CTA 2009” were omitted.

(2)

The application of Parts 1 to 3 of this Schedule to a corporate member of a syndicate is also subject to the modifications set out in paragraph 14.

(3)

For the purposes of this Part of this Schedule—

(a)

“corporate member”, in relation to a syndicate—

(i)

means a body corporate which is a member of Lloyd’s and is or has been an underwriting member, and

(ii)

where the body corporate is a partnership, includes any company that is or has been a partner in that partnership (and for these purposes, partner includes any person who is or has been an indirect partner in the partnership within the meaning of section 12AA of TMA 1970);

(b)

“syndicate” and “underwriting year” have the same meanings as in Chapter 5 of Part 4 of FA 1994 (see section 230 of that Act);

(c)

“managing agent” and “syndicate return” have the same meanings as in regulation 4 of the Lloyd’s Underwriters (Tax) Regulations 2005 (S.I. 2005/3338).

Annotations

Textual amendments

F1: Sch. A1 inserted (for accounting periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), s. 46(2), Sch. 5 para. 1(2)