
1 
These Regulations may be cited as the Lloyd’s Underwriters (Tax) (1992-93 to 1996-97) (Amendment) Regulations 1996 and shall come into force on 5th April 1996.
2 
In these Regulations “the principal Regulations” means the Lloyd’s Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 and “regulation” means a regulation of those Regulations.
3 
In regulation 2—
(a) after the definition of “syndicate gains” there shall be inserted the following definition—“
 “the Taxes Act” means the Income and Corporation Taxes Act 1988;”;
(b) after the definition of “the Taxes Acts” there shall be added the following definition—“
 “tax credit” means a tax credit under section 231 of the Taxes Act.”
4 
After regulation 10 there shall be inserted the following regulation—“
10A 

(1) The like provisions as are contained in section 824 of the Taxes Act (as that section has effect for the year of assessment 1995-96) shall have effect in relation to—
(a) any repayment of tax which was paid by way of deduction at source in respect of income charged to tax in accordance with section 171, and falling within section 172(1)(c), of the Finance Act 1993, and
(b) any payment of the whole or part of a tax credit (to which section 824 of the Taxes Act applies by virtue of subsection (2) of that section) in respect of such income,
as if “the relevant time” for the purposes of subsection (1) of that section was the end of the period of 12 months following the year of assessment for which the tax was assessed on the member concerned.
(2) This regulation shall have effect for the year of assessment 1995-96 only.”
S C T Matheson
G H Bush
Two of the Commissioners of Inland Revenue
13th March 1996