Schedule 11
Finance Bill
5:00 pm
Amendments made: No. 77, in schedule 11, page 173, leave out lines 1 to 6 and insert—
‘(a) the reference to reinsurance to close amounts of any member of a Lloyd’s syndicate is to any consideration which, in accordance with the rules or practice of Lloyd’s, is given (or any amount which, in accordance with those rules or practice, is treated as consideration given) by the member in respect of the liabilities arising from the member’s underwriting business in an underwriting year for the purpose of closing the accounts of the business for that year, and’.
No. 78, in schedule 11, page 173, line 19, at end insert—
‘(10A) The Commissioners for Her Majesty’s Revenue and Customs may by regulations—
(a) provide in prescribed circumstances for paragraph 1 not to apply in relation to any member of a Lloyd’s syndicate, or
(b) provide in prescribed circumstances for a reduction in relation to any member of a Lloyd’s syndicate of the amount which (as a result of that paragraph) is not to be taken into account in the calculation mentioned in sub-paragraph (2) of that paragraph.’.—[Ed Balls.]