Income Tax Act 2007 section 867

Lloyd's premium trust funds

Section 867 excludes investments held within a Lloyd's premium trust fund from being treated as relevant investments for the purposes of the income tax deduction at source rules.

  • An investment that forms part of a Lloyd's premium trust fund is not a relevant investment
  • This applies to premium trust funds belonging to current or former underwriting members of Lloyd's
  • The definition of "premium trust fund" follows that used in section 184 of the Finance Act 1993
  • The definition reflects rules made by the Financial Services Authority under the Financial Services and Markets Act 2000

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