The Lloyd’s Underwriters (Schedule 19A to the Income and Corporation Taxes Act 1988) Regulations 1990
UK Statutory Instrument 1990 No. 2524 — creates 4 criminal offences.
- Made
- 12 December 1990
- In force from
- 2 January 1991
- Extent
- Not stated
- Subject
- Tax, customs and excise
- Made under
- Income and Corporation Taxes Act 1988, Underwriters (Schedule 19A to the Income and Corporation Taxes Act 1988
Explanatory note
(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.
These Regulations, which have effect for the year of assessment 1988—89 and for subsequent years of assessment, amend Schedule 19A to the Income and Corporation Taxes Act 1988 (“Schedule 19A”) in the light of changes in the rules and practice of Lloyd’s since that Schedule was enacted. Schedule 19A has effect with respect to the assessment and collection of tax charged under Case I of Schedule D on underwriting members of Lloyd’s in accordance with section 450 of that Act. The amendments to Schedule 19A take account of changes in the rules and practices of Lloyd’s which assign different roles to managing agents (acting on behalf of syndicates) and members' agents (acting on behalf of individual underwriters). Regulation 1 provides for citation, commencement and effect and regulation 2 contains definitions. Regulation 3 amends existing provisions of Schedule 19A. Regulations 4 and 5 insert new paragraphs into Schedule 19A. These new paragraphs provide for managing agents to claim repayment of tax deducted from syndicate investment income and to distribute those tax repayments to members' agents; for members' agents to make returns of member’s profits and losses; for members' agents to make payments of tax on the member’s profit on account of the member’s liability to tax; and for assessments to be made on the members' agent if an inspector considers that the member’s profit may have been understated. Authority for the retrospective effect of these Regulations is given by section 451(1A) of the Income and Corporation Taxes Act 1988.
Offences created by this instrument
- Returns by managing agent regulation 2(3) · Revoked · Strict liability
- Returns by managing agent regulation 2(4) · Revoked · Mixed — some elements strict, some not
- Returns by members' agent regulation 2B(4) · Revoked · Strict liability
- Returns by members' agent regulation 2B(5) · Revoked · Mixed — some elements strict, some not
What Parliament said about it
Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.
How Parliament handled it
Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.
Check the source
- This instrument on legislation.gov.uk The authoritative text, including amendments made since
- Other instruments from 1990