82 Lloyd's: members' agent pooling arrangements
Finance Act 1999 (1999 c 16) | Legislation

82  Lloyd's: members' agent pooling arrangements

(1)     This section applies where a member has entered into a members' agent pooling arrangement (“the arrangement”).

(2)     Subsections (3) to (9) below shall apply for the purpose of determining any liability of the member's to capital gains tax that may arise from transactions effected in pursuance of the arrangement.

(3)     The syndicate rights held by the member under the arrangement shall be treated as a single asset acquired by him at the time when he entered into the arrangement; but, subject to subsection (9) below, he shall not be treated as disposing of the asset (in whole or in part) except as mentioned in subsection (6) below.

(4)     The member shall be treated as having given, wholly and exclusively for the acquisition of the asset, consideration equal

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