25 Corporate members of Lloyd's: stop-loss insurance and quota share contracts
Finance Act 2012 (2012 c 14) | Legislation

Insurance

25  Corporate members of Lloyd's: stop-loss insurance and quota share contracts

(1)     In section 225 of FA 1994 (corporate members of Lloyd's: stop-loss and quota share insurance), after subsection (3B) insert—

“(3C)     Subsection (3D) applies to any premium which is payable by a corporate member under a stop-loss insurance taken out in respect of its underwriting business and in relation to which section 220(2)(a) does not apply.

(3D)     The premium is to be treated for the purposes of the Corporation Tax Acts—

(a)     as an amount that arises to the member directly from its membership of the syndicate or syndicates in relation to the activities of which the stop-loss insurance was taken out, and

(b)     as if it were payable in the underwriting year in which the profits or losses arising to the member

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