The Lloyd’s Underwriters (Tax) (Amendment) Regulations 2009

• Citation: S.I. 2009/2889
• Sections: 2

Section 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 .

Section 2 Amendment 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—

Notice to provide report on technical provisions

(5A) 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”.