Clause 24

by deleting the words “Section 36” in subsection (2) and substituting the words “Sections 36 (as it applies by the operation of section 36C(1)) and 36C”;

by deleting the words “(other than a company, an individual or a Hindu joint family)” in subsection (2) and substituting the words “(other than a company or an individual)”;

by inserting, immediately after subsection (2), the following subsection:“(2A) Sections 36 (as it applies by the operation of section 36A(2)) and 36A shall 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) shall apply, with the necessary modifications, to such partnership as if it were —

for the purposes of the years of assessment 2008 to 2012, a person (other than a company, an individual or a Hindu joint family) not resident in Singapore; or

for the purposes of every subsequent year of assessment, a person (other than a company or an individual) not resident in Singapore.”; and

by inserting, immediately after the definition of “Lloyd’s” in subsection (6), the following definition:“ “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;”.