The following adaptations and special provisions are made to the primary legislation within FA07/SCH11 to cater for members of Lloyd's syndicates.

For the purposes of the possible restriction to the ‘appropriate amount’, the term ‘general insurer’ is extended to include members of a Lloyd's syndicate (FA07/SCH11/PARA3 (1)(c)).

The accounts by reference to which the rules are to apply are taken to be the syndicate accounts (FA07/SCH11/PARA3 (4)).

The reference to ‘period of account’ is to be taken to mean an underwriting year for which profits or losses are declared (FA07/SCH11/PARA3 (5)(b)).

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