The Lloyd’s Underwriters (Roll-over Relief on Disposal of Assets of Ancillary Trust Fund) (Tax) Regulations 2016
Schedule 20A of the Finance Act 1993 (“FA 1993”) makes provision for certain reliefs to be available to: individual members of Lloyd’s who convert to limited liability underwriting, whether by converting to underwriting through Lloyd’s partnerships (which may be either limited liability partnerships or limited partnerships formed under the law of Scotland) or by converting to underwriting through successor companies; and to individual partners in Lloyd’s partnerships which convert to underwriting through successor companies.