Schedule 1: Consequential Amendments Finance Act 1993 Paragraph 464: section 171(2) of FA 1993
3502.Section 171(2) of FA 1993 provides that the aggregate profits of an individual underwriter at Lloyd's are taxed under Schedule D Case I and under no other Case or Schedule. The integrated approach to foreign trade profits means that the trading income Part does not distinguish between income that is taxed under Schedule D Cases I and V in the source legislation. Where it is necessary to make this distinction this Act does so through the definition of “relevant foreign income” in section 830.
3503.This amendment also uses the concept of “relevant foreign income” to reproduce the reference to Schedule D Case I in section 171(2)(a) of FA 1993.