Agents

Legislation/Regulatory – CTA2010 s. 1151 ; FA93 s. 181
HMRC Guidance – CTM17010 ; INTM489660

Ancillary trust funds

Generally

Legislation/Regulatory – FA93 s. 176 ; SI 1997/2681 reg. 5
HMRC Guidance – LLM5300 ; LLM5340 ; LLM8170

Meaning

Legislation/Regulatory – FA94 s. 230(1)
HMRC Guidance – LLM4110

Assessment and collection of tax

Generally

Commentary – Quick Overview ¶6410
Legislation/Regulatory – SI 1995/351 reg. 4-8 ; SI 1995/352 ; SI 1997/2681 reg. 3

Regulations

Legislation/Regulatory – F(No. 2)A2005 s. 45 ; FA93 s. 182 ; FA94 s. 229

Business property relief

Case Law – Hardcastle & Anor v IR Commrs (2000) Sp C 259 ; Mallender (executors of the will of Captain Patrick John Boteler Drury-Lowe deceased) v Inland Revenue Commissioners. [2001] BTC 8,013

Cap £25,000

Commentary – Ford on Tax Losses 7.3.3

Capital gains tax

Commentary – Quick Overview ¶15960

Cessation of business

Claim where business commenced before 1 January 1972

Legislation/Regulatory – SI 1995/351 reg. 13

Death on or after 6 April 1994

Legislation/Regulatory – SI 1995/351 reg. 10

Final year of assessment

Legislation/Regulatory – FA93 s. 179 ; SI 1995/351 reg. 9 ; SI 1997/2681 reg. 4
HMRC Guidance – LLM5150 ; LLM5200 ; LLM5280 ; LLM5320 ; LLM5330

Terminal loss relief

Legislation/Regulatory – SI 1995/351 reg. 14

Charge to tax

Legislation/Regulatory – FA93 s. 171
HMRC Guidance – BIM14020 ; LLM1010 ; LLM2130 ; LLM5380 ; SAIM5060 ; SAIM5100

Closing year, meaning

Legislation/Regulatory – FA94 s. 230(1)

Compliance

Legislation/Regulatory – FA94 s. 62(3)

Conversion to limited liability underwriting

Capital gains tax, roll-over relief on disposal of syndicate capacity

Legislation/Regulatory – FA93 Sch. 20A, para. 3, 4

Generally

Legislation/Regulatory – FA93 s. 179B, Sch. 20A

Income tax, carry-forward of loss relief following conversion

Legislation/Regulatory – FA93 Sch. 20A, para. 2

Successor companies

Legislation/Regulatory – FA93 Sch. 20A, para. 1

Successor partnerships

Legislation/Regulatory – FA93 Sch. 20A, para. 6-8

Withdrawal of resignation notice

Legislation/Regulatory – FA93 Sch. 20A, para. 9

Corporate members

Accounting period in which profits or losses arise

Legislation/Regulatory – FA94 s. 220
HMRC Guidance – LLM2140 ; LLM4050 ; LLM4060 ; LLM4080 ; LLM4090 ; LLM4100 ; LLM4105 ; LLM4110 ; LLM4150

Amount payable under stop-loss insurance

Legislation/Regulatory – SI 1995/351 reg. 6

Ancillary trust

Legislation/Regulatory – FA94 s. 223
HMRC Guidance – LLM4110

Cessation, final underwriting year

Legislation/Regulatory – FA94 s. 227 ; SI 1995/351 reg. 16
HMRC Guidance – LLM4230

Change of accounting basis, mark to market

Legislation/Regulatory – FA2002 s. 65, 66

Computation of profits

Legislation/Regulatory – FA94 s. 219
HMRC Guidance – CFM97525 ; INTM655090 ; LLM1010 ; LLM2010 ; LLM2130 ; LLM2140 ; LLM4020 ; LLM4050 ; LLM4110 ; LLM4120 ; LLM4130 ; LLM4170

Double taxation relief

Legislation/Regulatory – SI 2006/3262

Foreign permanent establishments, exemption for profits or losses

Legislation/Regulatory – FA94 s. 227C

Group relief restriction

Legislation/Regulatory – FA2007 s. 33(2) ; FA94 s. 227A

Interest rate and currency contracts and options

Legislation/Regulatory – FA94 s. 226(3)

Meaning

Legislation/Regulatory – FA94 s. 230(1)

Premium trust funds

Legislation/Regulatory – FA94 s. 222(1)-(3)
HMRC Guidance – LLM2140

Regulations

Legislation/Regulatory – F(No. 2)A2005 s. 45(5)-(7) ; FA94 s. 229

Stop-loss and quota share insurance

Legislation/Regulatory – FA2012 s. 25(2)-(5) ; FA94 s. 225
HMRC Guidance – LLM4140 ; LLM4150 ; LLM4155 ; LLM4160

Tax credits

Legislation/Regulatory – FA93 s. 171(2B)

Transfer of business without change of ownership

Legislation/Regulatory – FA2007 s. 43(2) ; FA94 s. 227B

Corporate members, settlements without interest in possession

Legislation/Regulatory – FA94 s. 248

Corporation tax, currency

Legislation/Regulatory – FA94 s. 226(3)

Damages

Generally

Case Law – Deeny & Ors v Gooda Walker Ltd (in voluntary liquidation) & Ors. [1996] BTC 144 ; Deeny & Ors v. Gooda Walker Ltd (in voluntary liquidation) & Ors. [1995] BTC 470 ; Deeny & Ors v. Gooda Walker Ltd (in voluntary liquidation) & Ors. [1995] BTC 71

Interest

Case Law – Deeny & Ors v. Gooda Walker Ltd (in voluntary liquidation) & Ors (No. 2). [1995] BTC 325

Death of member

Generally

Legislation/Regulatory – FA93 s. 179A ; SI 1997/2681 reg. 3

On or after 6 April 1994

Legislation/Regulatory – SI 1995/351 reg. 10, 12

Death of partner

Legislation/Regulatory – SI 1997/2681 reg. 9

Double taxation relief

Allocation of foreign tax to UK years of assessment

Legislation/Regulatory – SI 1997/405 reg. 4-8

Corporate members

Legislation/Regulatory – SI 2006/3262

Pooled foreign tax

Legislation/Regulatory – SI 1997/405 reg. 3

Refunds of foreign tax

Legislation/Regulatory – SI 1997/405 reg. 9

Earned income

Legislation/Regulatory – SI 1997/2681 reg. 8

Equalisation reserves

Legislation/Regulatory – FA2009 s. 47 ; FA2012 s. 30 ; SI 2009/2039

General insurance reserves

Legislation/Regulatory – SI 2001/1757 reg. 7

Generally

Commentary – Tax Reporter ¶1023-475 ; Quick Overview ¶6400

Individual members

Amount payable under stop-loss insurance

Legislation/Regulatory – SI 1995/351 reg. 5

Assessment and collection of tax

Legislation/Regulatory – SI 1995/351 reg. 4-8

Cessation claim where business commenced before 1 January 1972

Legislation/Regulatory – SI 1995/351 reg. 13

Cessation, final year of assessment

Legislation/Regulatory – SI 1995/351 reg. 9

Death on or after 6 April 1994

Legislation/Regulatory – SI 1995/351 reg. 10, 12

Generally

Legislation/Regulatory – FA94 s. 228

Stop-loss and quota share insurance

Legislation/Regulatory – FA94 Sch. 21, para. 5(2)

Terminal loss relief

Legislation/Regulatory – SI 1995/351 reg. 14

Winding up of old-style special reserve fund

Legislation/Regulatory – SI 1995/351 reg. 15

Inspector, meaning

Legislation/Regulatory – FA94 s. 230(1)

Intangible fixed assets, exclusion of

Legislation/Regulatory – CTA2009 s. 905
HMRC Guidance – CIRD11730 ; CIRD11750 ; CIRD12775

Loan relationships

– see Loan relationships

Managing agent, meaning

Legislation/Regulatory – FA94 s. 230(1)

Meanings

Legislation/Regulatory – FA93 s. 184 ; FA94 s. 230 ; FA99 s. 83(1)
HMRC Guidance – INTM269040 ; LLM1010 ; LLM2160 ; LLM3010 ; LLM3410 ; LLM4020 ; LLM4050 ; LLM4140 ; LLM4150 ; LLM4170 ; LLM5050 ; LLM5290 ; LLM5440

Member, meaning

Legislation/Regulatory – FA94 s. 230(1)

Members' agent

Meaning

Legislation/Regulatory – FA94 s. 230(1) ; FA99 s. 83(1)

Pooling arrangements

Legislation/Regulatory – FA99 s. 82, 83
HMRC Guidance – LLM4170 ; LLM8150 ; LLM8160

Non-residents with UK branch or agency

Legislation/Regulatory – SP 1/01

Non-working, Class 4 contributions

Commentary – Tax Reporter ¶1018-050
HMRC Guidance – BIM52765 ; BIM52785 ; LLM5430 ; NIM24523

Partnerships

Legislation/Regulatory – SI 1997/2681

Personal representatives carrying on business

Legislation/Regulatory – FA93 s. 179A(3)

Post-cessation receipts

Commentary – Ford on Tax Losses 2.3.3

Premium trust funds

Assets, treatment

Legislation/Regulatory – FA93 s. 174
HMRC Guidance – LLM2140 ; LLM2150

Deposit-takers deduction of tax at source

Legislation/Regulatory – ITA2007 s. 867

Meaning

Legislation/Regulatory – FA94 s. 230(1)

Tax credits

Legislation/Regulatory – FA93 s. 171(2B)

Year of assessment

Legislation/Regulatory – FA93 s. 172
HMRC Guidance – LLM2010 ; LLM2140 ; LLM2160 ; LLM5050 ; LLM5060 ; LLM5120 ; LLM5180 ; LLM5290 ; LLM6080

Prescribed, meaning

Legislation/Regulatory – FA94 s. 230(1)

Profits, meaning

Legislation/Regulatory – FA94 s. 230(1)

Quoted securities

Legislation/Regulatory – TCGA92 Sch. 2, para. 7

Registration of syndicates

Generally

Legislation/Regulatory – SI 1994/1774 reg. 8

Representation

Legislation/Regulatory – SI 1994/1774 reg. 9

Regulating trustee, meaning

Legislation/Regulatory – FA94 s. 230(1)

Regulations, HMRC's powers

Legislation/Regulatory – F(No. 2)A2005 s. 45(2) ; FA93 s. 182

Relevant UK earnings

Legislation/Regulatory – FA93 s. 180
HMRC Guidance – LLM5430

Replacement of business assets

Legislation/Regulatory – TCGA92 s. 155

Retirement annuity relief

Case Law – Koenigsberger v. Mellor (HM Inspector of Taxes). [1993] BTC 229 ; Koenigsberger v. Mellor (HM Inspector of Taxes). [1995] BTC 292

Returns

Error or mistake

Legislation/Regulatory – SI 1995/352 reg. 12

Reasonable excuse

Legislation/Regulatory – SI 1995/352 reg. 11

Returns for syndicates

Correction of errors

Legislation/Regulatory – SI 1994/1774 reg. 13(4)

Generally

Legislation/Regulatory – SI 1994/1774 reg. 12(2)

Running-off syndicates

Legislation/Regulatory – SI 1995/352 reg. 13

Scottish limited partnerships

Legislation/Regulatory – SI 1997/2681

Self-assessment, taxed income and tax credits

Legislation/Regulatory – SI 1995/351 reg. 7A-7C

Special reserve fund

Cash calls, payments out of fund to cover

Legislation/Regulatory – FA93 Sch. 20, para. 4 ; SI 1995/353 reg. 4

Cessation

Legislation/Regulatory – SI 1995/353 reg. 7

Cessation, payments out of fund

Legislation/Regulatory – FA93 Sch. 20, para. 7

Cessation, tax consequences

Legislation/Regulatory – FA93 Sch. 20, para. 11

General requirements

Legislation/Regulatory – FA93 Sch. 20, para. 2

Member's absolute entitlement

Legislation/Regulatory – FA93 Sch. 20, para. 8

Payments into fund out of syndicate profits

Legislation/Regulatory – FA93 Sch. 20, para. 3

Payments into or out of fund, prescribed periods

Legislation/Regulatory – SI 1995/353 reg. 5

Payments into or out of fund, tax consequences

Legislation/Regulatory – FA93 Sch. 20, para. 10

Syndicate losses, payments out of fund

Legislation/Regulatory – FA93 Sch. 20, para. 5

Syndicate profit or loss, running-off syndicates

Legislation/Regulatory – SI 1995/353 reg. 3

Valuation

Legislation/Regulatory – SI 1995/353 reg. 6

Valuation and payments out of fund of excess amounts

Legislation/Regulatory – FA93 Sch. 20, para. 6

Winding up old-style funds

Legislation/Regulatory – FA93 Sch. 20, para. 12-14

Special reserve funds

Commentary – Quick Overview ¶6405
Legislation/Regulatory – FA93 s. 175, Sch. 20 ; SI 1997/2681 reg. 7 ; SI 1999/3308
HMRC Guidance – LLM5230 ; LLM5240 ; LLM5270 ; LLM5280 ; LLM8180

Stop-loss and quota share insurance

Amount payable under

Legislation/Regulatory – SI 1995/351 reg. 5, 6

Generally

Legislation/Regulatory – FA93 s. 178 ; FA94 Sch. 21, para. 5(2)
HMRC Guidance – LLM5120 ; LLM5130 ; LLM5180 ; LLM5200 ; LLM5220

Stop-loss insurance, meaning

Legislation/Regulatory – FA94 s. 230(1)

Syndicates

Amendment of determinations and enquiries

Legislation/Regulatory – SI 2005/3338 reg. 5

Apportionment of profit or loss

Legislation/Regulatory – SI 2005/3338 reg. 9

Determination of profit or loss

Legislation/Regulatory – SI 2005/3338 reg. 3-13

Discovery determinations

Legislation/Regulatory – SI 2005/3338 reg. 7, 13

Effect of determination on members

Legislation/Regulatory – SI 2005/3338 reg. 10

Electronic communications

Legislation/Regulatory – SI 2005/3338 reg. 15

HMRC's determinations

Legislation/Regulatory – SI 2005/3338 reg. 6, 13

Meaning

Legislation/Regulatory – FA94 s. 230(1) ; FA99 s. 83(1)

Non-delivery of return, reasonable excuse

Legislation/Regulatory – SI 2005/3338 reg. 12

Notice to provide report on technical provisions

Legislation/Regulatory – SI 2005/3338 reg. 5A

Relief in case of mistake in return

Legislation/Regulatory – SI 2005/3338 reg. 8

Repayment of tax deducted etc. from investment income

Legislation/Regulatory – SI 2005/3338 reg. 14

Returns by managing agent

Legislation/Regulatory – SI 2005/3338 reg. 4

Time limits, assessments

Legislation/Regulatory – SI 2005/3338 reg. 11

Tax credits

Legislation/Regulatory – FA93 s. 171(2B) ; SI 1995/351 reg. 2(1) ; SI 1995/352 reg. 2(1)

Terminal loss relief

Legislation/Regulatory – SI 1995/351 reg. 14 ; SI 1997/2681 reg. 10

Time-limits

Making certain assessments

Legislation/Regulatory – SI 1995/352 reg. 6

Underwriting business, meaning

Legislation/Regulatory – FA94 s. 230(1)

Winding up of old-style special reserve fund, individual members

Legislation/Regulatory – SI 1995/351 reg. 15

Year of assessment in which profits or losses arise

Legislation/Regulatory – FA93 s. 172