Section 184 | Interpretation and commencement.

(1)In this Chapter, unless the context otherwise requires—

(2)For the purposes of this Chapter—

(a)an underwriting year and a year of assessment shall be deemed to correspond to each other if the underwriting year ends in the year of assessment;

(b)the profits or losses of a member’s underwriting business include profits or losses arising to him from assets forming part of a premium trust fund or an ancillary trust fund; and

(c)any charge made on a member by the managing agent of a syndicate of which he is a member, and any expense incurred on his behalf by the managing agent of such a syndicate, shall be treated as expenses arising directly from his membership of that syndicate.

(3)Subject to any provision to the contrary, the provisions of this Chapter have effect for the year 1992-93 and subsequent years of assessment.