Reinsurance to close (RITC) and technical provisions: taxation following repeal of section 107 FA2000: the appropriate amount: adaptations for Lloyd’s members
FA07/SCH11 and SI2009/1926 (‘the appropriate amount Regulations’) apply with limited adaptations to members of Lloyd’s syndicates as they do to general insurance companies. The calculations are at syndicate level which represents a contrast compared with FA00/S107 and its associated Regulations - see LLM3010.
LLM3310 and LLM3330 consider the adaptations needed for Lloyd’s syndicate members to the primary legislation (FA07/SCH11) and LLM3320 the adaptations to the appropriate amount Regulations which support the primary legislation.
The legislation applies to syndicate returns for profits or losses declared in 2010 onwards.