(This note is not part of the Order)
Schedule 19 to the Finance Act 1993 contains administrative machinery under which Lloyd’s managing agents make returns of syndicates' profits and losses for tax purposes, and for assessment and collection of tax. Section 45 of the Finance (No. 2) Act 2005 creates a power for the Commissioners for Her Majesty’s Revenue and Customs to make regulations replacing (and up-dating) Schedule 19 (which regulations are being made simultaneously with this Order) and repeals Schedule 19, providing for section 45 to come into force as provided by Treasury Order.