SCHEDULE 25 Lloyd's Names: Conversion to Limited Liability Underwriting
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 25 Lloyd's Names: Conversion to Limited Liability Underwriting

Section 144

1

The Finance Act 1993 (c 34) is amended as follows.

2

After section 179A insert—

“179B Conversion to limited liability underwriting

Schedule 20A to this Act (which makes provision for certain reliefs to be available where a member converts to limited liability underwriting) shall have effect.â€.

3

After Schedule 20 insert—

“SCHEDULE 20A
Lloyd's Underwriters: Conversion to Limited Liability Underwriting
Section 179B
Part 1
Conversion to Underwriting Through Successor Companies
Introduction
1

(1)     This Part of this Schedule applies if the following conditions are satisfied.

(2)     Condition 1 is that—

(a)     a member gives notice of his resignation from membership of Lloyd's in accordance with the rules or practice of Lloyd's,

(b)     in accordance with such rules or practice, the member does not undertake any new insurance business at Lloyd's after the end of the member's last underwriting year, and

(c)     the member does not withdraw that notice.

(3)     Condition 2 is that all of the member's outstanding syndicate capacity is disposed of by the member under a conversion arrangement to a successor company (“the syndicate capacity disposalâ€) with effect

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