Section 180 | Underwriting profits to be relevant UK earnings etc.

(1)In relation to any member, all profits arising to him from his underwriting business—

(a)shall be treated for the purposes of the Income Tax Acts as immediately derived from the carrying on by him of that business, and

(b)accordingly, shall constitute—

(i)for the purposes of Part 4 of the Finance Act 2004, relevant UK earnings within section 189(2)(b) of that Act, and

(ii)income in relation to which the treatment in section 836(2) of ITA 2007 does not apply.

(2)This section does not apply in relation to profits of the year 1992-93 or earlier years of assessment.