1 Citation, commencement and effect

(1)    These Regulations may be cited as the Lloyd's Underwriters (Tax) (Amendment) Regulations 2009 and shall come into force on 1st December 2009.

(2)    These Regulations shall have effect in relation to a syndicate return made in respect of profits or losses declared after 31st December 2009.

(3)    In paragraph (2) “syndicate return” means a return of a syndicate's profit or loss for an underwriting year under regulation 4 of the Lloyd's Underwriters (Tax) Regulations 2005.

NOTES
Initial Commencement
Specified date

Specified date: 1 December 2009: see para (1) above.

2 Amendment of the Lloyd's Underwriters (Tax) Regulations 2005

2Amendment of the Lloyd's Underwriters (Tax) Regulations 2005

(1)    The Lloyd's Underwriters (Tax) Regulations 2005 are amended as follows.

(2)    After regulation 5 insert—

“5A Notice to provide report on technical provisions

In relation to both members who are individuals and corporate members, paragraph 2 of Schedule 11 to the Finance Act 2007 (technical provisions made by general insurers: enforcement) shall apply with the following modifications—

(a)    in sub-paragraphs (1), (2), (4), (5) and (6) for “general insurer” in each place it occurs substitute “syndicate's managing agent”; and

(b)    in sub-paragraph (2)—

(i)    for “general insurer's” substitute “managing agent's”, and

(ii)    for “the company tax return” substitute “the syndicate return”.”.

NOTES
Initial Commencement
Specified date

Specified date: 1 December 2009: see reg 1(1).

Company Law & Business Entities96 Companies & Corporate Bodies96

Signature

Mike Eland

Steve Lamey

Two of the Commissioners for Her Majesty's Revenue and Customs

28th October 2009

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

These Regulations amend the Lloyd's Underwriters (Tax) Regulations 2005 (SI 2005/3338) (the “principal Regulations”) so as to apply the provisions of paragraph 2 of Schedule 11 to the Finance Act 2007 to managing agents of Lloyd's syndicates. Paragraph 2 of Schedule 11 enables an officer of Revenue and Customs to require a general insurer to provide a report in respect of the amount of technical provisions stated in the general insurer's accounts. These Regulations modify paragraph 2 so that it also applies in respect of technical provisions made by Lloyd's syndicates.

Regulation 1 provides for citation, commencement and effect.

Regulation 2 inserts new regulation 5A into the principal Regulations. New regulation 5A applies paragraph 2 of Schedule 11 with modifications so that the provisions of that paragraph operate by reference to Lloyd's syndicate returns and apply to the managing agents of syndicates.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.