Section 219 | Taxation of profits.

(1)Corporation tax for any accounting period on the profits arising from a corporate member’s underwriting business shall be computed on the profits of that accounting period.

(2)As respects the profits arising to a corporate member for any accounting period directly from its membership of one or more syndicates, or from assets forming part of a premium trust fund—^F1

(a)the aggregate of those profits shall be computed for tax purposes under Part 3 of the Corporation Tax Act 2009 ; and^F2

(b)accordingly, no part of those profits shall be computed for those purposes otherwise than under Part 3 of the Corporation Tax Act 2009 .^F3

(3)... The profits arising to a corporate member for any accounting period—^F4F5F6

(a)from assets forming part of an ancillary trust fund; or

(b)from assets employed by it in, or in connection with, its underwriting business,

shall be computed for tax purposes under Part 3 of the Corporation Tax Act 2009 if, and to the extent that, they do not fall to be computed for those purposes otherwise than under Part 3 of that Act .

(4)Repealed^F7

(4A)Repealed^F8

(4B)Repealed^F9

(4C)Repealed^F10

(5)Repealed^F11