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Statutory Instruments

2006 No. 112

INCOME TAX

CORPORATION TAX

The Lloyd’s Underwriters (Conversion to Limited Liability Underwriting) (Tax) Regulations 2006

Made

23rd January 2006

Laid before the House of Commons

24th January 2006

Coming into force

14th February 2006

The Commissioners for Her Majesty’s Revenue and Customs, in exercise of the powers conferred by section 182(1)(b) of the Finance Act 1993( 1 ) and now vested in them( 2 ), and having regard to the relevant changes in the rules or practice of Lloyd's, make the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Lloyd’s Underwriters (Conversion to Limited Liability Underwriting) (Tax) Regulations 2006 and shall come into force on 14th February 2006.

Amendment of Schedule 20A to the Finance Act 1993

2. In Schedule 20A to the Finance Act 1993( 3 ), in paragraph 8, for the definition of “successor partnership” substitute—

“ “ successor partnership” means—

(a)

a limited partnership formed under the law of Scotland which is a successor member, or

(b)

a limited liability partnership formed under the law of any part of the United Kingdom which is a successor member. ” .

David Varney

Michael Hanson

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

23rd January 2006

( 1 )

1993 c. 34 .

( 2 )

The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11) .

( 3 )

Schedule 20A was inserted by paragraph 3 of Schedule 25 to the Finance Act 2004 (c. 12) .

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Lloyd’s Underwriters (Conversion to Limited Liability Underwriting) (Tax) Regulations 2006 (2006/112)

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