The Lloyd’s Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations, SI 2016/597, ensure that, with effect from 16 June 2016, individual members of Lloyd’s, and individual partners in Lloyd’s underwriting partnerships who convert to underwriting through successor companies, will continue to receive broadly the same amount of CGT rollover relief in relation to ancillary trust fund assets transferred to a successor company as would have been available had recent changes to Lloyd’s rules not been made. The Lloyd’s rule changes amended the method of measuring the level of assets required to support underwriting, on which the computation of CGT relief is based.
The Lloyd’s Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations, SI 2016/597, ensure that, with effect from 16 June 2016, individual members of Lloyd’s, and individual partners in Lloyd’s underwriting partnerships who convert to underwriting through successor companies, will continue to receive broadly the same amount of CGT rollover relief in relation to ancillary trust fund assets transferred to a successor company as would have been available had recent changes to Lloyd’s rules not been made. The Lloyd’s rule changes amended the method of measuring the level of assets required to support underwriting, on which the computation of CGT relief is based.
