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HMRC internal manual

Lloyd's Manual

Equalisation reserves for corporate and partnership members: repeal

The Lloyd’s Underwriters (Transitional Equalisation Reserves) (Tax) Regulations 2015 (SI2015/1983) repeal the equalisation reserve rules for Lloyd’s corporate and partnership members and apply the transitional provisions found in sections 26 and 27 Finance Act 2012 to such members, with relevant amendments.

The amount of the reserve to be treated as a taxable receipt is calculated as the total of all relevant deductions, less the total of relevant receipts. The result is the net amount of tax deductions received.

Guidance on the rules within Finance Act 2012 can be found at GIM7400+.