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Ascertainment of income of member of Lloyd’s syndicate

Income Tax Act 1947

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—(1) Where a business of insuring and reinsuring risks is carried on by any member of Lloyd’s through a syndicate formed to carry on the business in Singapore —(a)the income of the member of Lloyd’s from the syndicate in the basis period for any year of assessment is deemed to be the share to which the member was entitled during that period in the income of the syndicate; and(b)the statutory income of the member of Lloyd’s from the syndicate is to be computed in accordance with section 35 by treating the member’s share of the income of the syndicate as if it were income of a trade, business, profession or vocation carried on or exercised by the member.(2) Sections 36 (as it applies by the operation of section 36C(1)) and 36C do not apply to any Lloyd’s Scottish limited partnership carrying on a business of insuring and reinsuring risks in Singapore, and sections 35 and 43(1)(c) apply, with the necessary modifications, to such partnership as if it were a person (other than a company or an individual) not resident in Singapore.(2A) Sections 36 (as it applies by the operation of section 36A(2)) and 36A do not apply to any Lloyd’s limited liability partnership carrying on a business of insuring and reinsuring risks in Singapore, and sections 35 and 43(1)(c) apply, with the necessary modifications, to such partnership as if it were a person (other than a company or an individual) not resident in Singapore.(2B) For the year of assessment 2015 and every subsequent year of assessment, section 37A applies, with the necessary modifications, to —(a)any Lloyd’s limited liability partnership; or(b)any Lloyd’s Scottish limited partnership,carrying on a business of insuring and reinsuring risks in Singapore whose income for that year of assessment is subject to tax at different rates, as that section applies to a company whose income for any year of assessment is subject to tax at different rates.(2C) To avoid doubt, subsection (2B) applies to any amount of allowance, loss or donation of the Lloyd’s limited liability partnership or the Lloyd’s Scottish limited partnership carried forward to the year of assessment from an earlier year of assessment.(3) Section 53 applies, with the necessary modifications, to any non‑resident member of Lloyd’s carrying on a business of insuring and reinsuring risks through any syndicate formed to carry on that business in Singapore as that section applies to a person not resident in Singapore.(4) The tax chargeable for any year of assessment on the income of any non‑resident member of Lloyd’s carrying on a business of insuring and reinsuring risks through all syndicates formed to carry on the business in Singapore of which the non‑resident member is a member must be aggregated with that of all other non‑resident members of Lloyd’s of those syndicates, and is assessable in the name of the agent.(5) The agent must —(a)when required by the Comptroller by notice in the Gazette under section 62(1) or by written notice under section 62(3), make a return of income for the year of assessment specified in the notice and furnish such particulars as may be required for the purpose of ascertaining the income (if any) for which any member of Lloyd’s carrying on a business of insuring and reinsuring risks through any syndicate formed to carry on the business in Singapore, is chargeable to tax; and(b)if a return is not made under paragraph (a) for any year of assessment, furnish to the Comptroller an estimate of the aggregate amount of chargeable income of every non‑resident member of Lloyd’s carrying on a business of insuring and reinsuring risks through any syndicate formed to carry on the business in Singapore, within 3 months after the end of the accounting period relating to that year of assessment of that member.(6) In this section —“agent” means Lloyd’s of London (Asia) Pte Ltd or such other person as the Comptroller may determine;“Council of Lloyd’s” means the Council of Lloyd’s established by the Lloyd’s Act 1982 of the United Kingdom;“Lloyd’s” means the society of underwriters known in the United Kingdom as Lloyd’s and incorporated by the Lloyd’s Act 1871 of the United Kingdom;“Lloyd’s limited liability partnership” means any limited liability partnership formed under the law of any part of the United Kingdom which is a member of Lloyd’s;“Lloyd’s Scottish limited partnership” means a limited partnership formed under the laws of the Scotland which is a member of Lloyd’s;“member of Lloyd’s” means a person admitted to membership of Lloyd’s as an underwriting member and includes, where the context so requires, any person who has ceased to be a member of Lloyd’s and any administrator, administrative receiver, committee, curator bonis, executor, liquidator, manager, personal representative, supervisor or trustee in bankruptcy, or any other person by law entitled or bound to administer the affairs of the member or former member concerned;“syndicate” means a member of Lloyd’s or a group of members of Lloyd’s underwriting insurance business at Lloyd’s through the agency of a Lloyd’s underwriting agent to which member or group a particular syndicate number is assigned by or under the authority of the Council of Lloyd’s.

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