According to a statement today: 'The tax treatment of special reserve funds which can be held by individual members of Lloyd's has been improved by new regulations laid by the Inland Revenue today.
'These regulations will have the effects of making taxation clearer while helping to prevent tax avoidance, and strengthening the security of the Lloyd's market.
'After an individual Lloyd's member ceases underwriting and leaves the Lloyd's market, funds held in a special reserve fund are released, giving rise to a tax charge. These regulations adjust and clarify certain details of that charge.'
The new regulations also reduce the interest charged on the personal representatives of deceased members to bring the charge in line with that made on other members, and permit a variation in the annual valuation procedure for these funds.
The regulations are: `The Lloyd's Underwriters (Special Reserve Funds) Regulations 1999 (SI no.3308)' and will be available from the the stationary office.
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