15(1)In sub-paragraph (2) of paragraph 9 of Schedule 7 to the [1965 c. 25.] Finance Act 1965 (assessment of trustees) for the words " any such fund" there shall be substituted the words " any premiums trust fund " and at the end of the paragraph there shall be added the following sub-paragraph
“(4)For the purposes of sub-paragraphs (2) and (3) above the underwriting agent may be treated as a trustee of the premiums trust fund”.
(2)This paragraph shall have effect for the year 1973-74 and subsequent years of assessment.
16For the year 1973-74 and subsequent years of assessment income tax on the profits or gains arising to a member from assets forming part of a premiums trust fund may be assessed on the underwriting agent through whom his business is carried on.
17(1)The Board may by regulations provide—
(a)for the assessment and collection of tax charged in accordance with the preceding provisions of this Schedule;
(b)for the transition from the law in force for earlier years of assessment to the law as modified by this Schedule and for the modification for that purpose of the law applicable to the year 1971-72 and later years of assessment,
(c)for modifying the provisions of this Schedule in relation to syndicates continuing for more than two years after the end of an underwriting year;
(d)for giving relief from capital gains tax in cases of an underwriter dying while carrying on his business; and
(e)for giving credit for foreign tax.
(2)Regulations under this paragraph shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.