The Lloyd's Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016

JurisdictionUK Non-devolved
CitationSI 2016/597

2016 No. 597

Capital Gains Tax

The Lloyd’s Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016

Made 23th May 2016

Laid before the House of Commons 25th May 2016

Coming into force 16th June 2016

The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by section 182(1)(b) of the Finance Act 19931, and now vested in them2, and considering it expedient to make amendments to Chapter III, Part II of that Act having regard to changes in the rules of Lloyd’s, make the following Regulations:

Citation, commencement and effect
S-1 Citation, commencement and effect

Citation, commencement and effect

1.—(1) These Regulations may be cited as the Lloyd’s Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016 and come into force on 16th June 2016.

(2) The amendments made by regulation 4 have effect in relation to ATF disposals (within the meaning of paragraph 4 of Schedule 20A to the Finance Act 1993) made on or after 16th June 2016 (even if the corresponding syndicate capacity disposal was made before that date).

(3) The amendments made by regulation 7 have effect in relation to ATF disposals (within the meaning of paragraph 5C of Schedule 20A to the Finance Act 1993) made on or after 16th June 2016 (even if the corresponding syndicate capacity disposal was made before that date).

Amendment of the Finance Act 1993

Amendment of the Finance Act 1993

S-2 Schedule 20A (conversion to underwriting through partnership or...

2. Schedule 20A (conversion to underwriting through partnership or company)3to the Finance Act 1993 is amended as follows.

S-3 In paragraph 1, in sub-paragraph (6) omit “(“the successor...

3. In paragraph 1, in sub-paragraph (6) omit “(“the successor company’s first underwriting year”)”.

S-4 In paragraph 4— in sub-paragraph (6) after “exceeds” insert...

4. In paragraph 4—

(a) in sub-paragraph (6) after “exceeds” insert “120% of”,

(b) in sub-paragraph (7) for the words from “lesser of” to the end substitute “appropriate percentage of the amount of security required to be provided by the successor company in respect of its underwriting business in the underwriting year in which the ATF disposal is made.”,

(c) after sub-paragraph (7) insert—

S-7A

“7A In sub-paragraph (7) above “the appropriate percentage” means the percentage that equates to the percentage of the ordinary share capital of the successor company that is beneficially owned by the member immediately before the ATF disposal.”.

S-5 In paragraph 5, in sub-paragraph (1) omit the definition of...

5. In paragraph 5, in sub-paragraph (1) omit the definition of “the member’s last underwriting year” and the definition of “the successor company’s first underwriting year”.

S-6 In paragraph 5A, in sub-paragraph (7) omit “(“the successor...

6. In paragraph 5A, in sub-paragraph (7) omit “(“the successor company’s first underwriting year”)”.

S-7 In paragraph 5C— in sub-paragraph (6) after “exceeds” insert...

7. In paragraph 5C—

(a) in sub-paragraph (6) after “exceeds”...

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