New income tax regulations for Lloyd's syndicate returns and determination of syndicate results for tax purposes

New income tax Regualtions for Lloyd's syndicate returns and determination of syndicate results for tax purposes

The new Regulations which replace Sch 19 of FA 1993 were laid before Parliament on 6 December 2005 and came into force on 27 December 2005. These Regulations modernise the administrative machinery in relation to the submission of syndicate tax returns and the determination of the syndicate result for tax purposes, but do not substantially change the current procedures. A market bulletin will be sent out shortly containing more detail, but in the meantime the new Regulations can be seen by clicking on the link below.

The Lloyd's Underwriters (Tax) Regulations 2005