SCHEDULE 32 Lloyd's Underwriters
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 32 Lloyd's Underwriters

Section 86

Individuals

1

Chapter 3 of Part 2 of the Finance Act 1993 (c 34) (Lloyd's underwriters, etc) is amended as follows.

2

In section 178 (stop loss and quota share insurance), in subsection (1) (deductions), for paragraph (c) substitute—

“(c)     where an amount is payable by him under a quota share contract—

(i)     so much of that amount as exceeds the amount of transferred losses that are declared on or before the date the contract takes effect (“the declared amountâ€), or

(ii)     if the contract does not take effect, the amount so payable under the contract.â€.

3

After subsection (3) of that section insert—

“(3A)     Where the amount payable by a member under a quota share contract is less than the declared amount, the difference between the two amounts shall be treated as a trading receipt in computing the profits arising from the member's underwriting business in the year of assessment which corresponds to the underwriting year in which the contract takes effect.

(3B)     Where a member has entered a quota share contract, any amount paid by him to cover a cash call in respect of transferred

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