Income tax: foreign tax credit system - taxation of Australian resident members of Lloyd's of London

Taxation Ruling TR 93/41 is withdrawn with effect from today.

TR 93/41 is withdrawn because it no longer represents the way all Australian members of Lloyd's of London are treated for Australian income tax purposes. Changes at Lloyd's of London since the Ruling was originally issued have meant that certain statements in the Ruling are now out of date. In view of the small number of existing individual Australian members, the fact that there are to be no new members and that all existing individual members will cease to be members from 2005, it is not proposed to issue a replacement ruling. Related Rulings also withdrawn today are IT 2610, IT 2638 and TR 93/5.