The Finance Act 1994, Section 220 (Amendment) Regulations 2007

• Citation: S.I. 2007/1616
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Finance Act 1994, Section 220 (Amendment) Regulations 2007 and shall come into force on 1st July 2007.

(2) These Regulations shall have effect for accounting periods ending on or after that date.

Section 2 Amendment of section 220 of the Finance Act 1994

In section 220(2) (profits or losses arising to a corporate member of Lloyd’s in any underwriting year) of the Finance Act 1994 for paragraph (b) substitute—

(b) the profits or losses arising to a corporate member from assets forming part of a premium trust fund which shall be taken to be profits or losses of any underwriting year are—

(i) those allocated under the rules or practice of Lloyd’s to any previous year or years the profits or losses of which are declared in that year, and

(ii) those arising in that year and not so allocated to any previous year or years.