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Finance Act 1993
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Changes over time for: Section 178
Version Superseded: 03/05/1994
Alternative versions:
- 27/07/1993- Amendment
- 08/11/1993
Point in time - 03/05/1994- Amendment
- 24/07/2002- Amendment
- 01/04/2010- Amendment
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178 Stop-loss and quota share insurance.U.K.
(1)In computing for the purposes of income tax the profits of a member’s underwriting business, each of the following shall be deductible as an expense, namely—
(a)any premium payable by him under a stop-loss insurance, and any repayment of insurance money paid to him under such an insurance;
(b)any amount payable by him into the High Level Stop Loss Fund, and any repayment of an amount paid to him out of that Fund; and
(c)any amount payable by him under a quota share contract, irrespective of the purpose for which the contract was entered into.
(2)Subject to subsection (3) below, each of the following, namely—
(a)any insurance money payable to him under a stop-loss insurance in respect of a loss in his underwriting business; and
(b)any amount payable to a member out of the High Level Stop Loss Fund in respect of such a loss,
shall be treated as a trading receipt in computing the profits arising from that business for the year of assessment which corresponds to the underwriting year in which the loss arose.
(3)Where, as respects the payment of any such insurance money or amount as is mentioned in subsection (2) above—
(a)the inspector is not notified of the payment at least 30 days before the time after which any assessment or further assessment of profits for the year of assessment is precluded by section 34 of the Management Act (ordinary time limit of six years), and
(b)the inspector is not entitled, after that time, to make any such assessment or further assessment by virtue of section 36 (fraudulent or negligent conduct) or 40(2) (assessment on personal representatives) of that Act,
that subsection shall have effect in relation to that insurance money or amount as if it referred instead to the year of assessment which corresponds to the underwriting year in which the payment is made.
(4)In this section “” means any contract between a member and another person which—
(a)is made in accordance with the rules or practice of Lloyd’s; and
(b)provides for that other person to take over any rights and liabilities of the member under any of the syndicates of which he is a member.
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