33 Lloyd's corporate members: restriction of group relief

33  Lloyd's corporate members: restriction of group relief

(1)     In FA 1994, after section 227 insert—

“227A Restriction of group relief

(1)     Losses of the last active underwriting year of a corporate member are not eligible for surrender by the corporate member as group relief to another company unless the group-relief continuity condition is satisfied.

(2)     In this section “last active underwriting year”, in relation to a corporate member, means—

(a)     if the corporate member writes insurance business in only one underwriting year, that underwriting year, and

(b)

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