LLM4000 - Corporate members: contents

This section of the Lloyd’s Manual explains the accounting treatment and tax rules for limited liability companies that are corporate members of Lloyd’s. Under Lloyd’s rules, the term ‘corporate member’ actually applies to all forms of limited liability vehicles at Lloyd’s. These vehicles include ‘Namecos’, Scottish limited partnerships (‘SLPs’), Limited Liability Partnerships (‘LLPs’) and other means by which individual members have ‘converted’ to forms of limited liability underwriting. LLM6000+ deals with such ‘conversion’ vehicles in more detail. In this Chapter ‘corporate member’ is used in the more restricted sense, excluding partnerships.

The material in this section covers the following main areas

• the background to and the accounting rules for corporate members
• the specific legislation in Chapter 5 of Part 4 of Finance Act 1994 on the computation and assessment of profits and losses from underwriting at Lloyd’s by companies
• the application of the rules on intangible fixed assets to syndicate capacity.

See LLM7000+ for the rules on Double Taxation Relief for corporate members.

1. LLM4010

   Corporate members: background
2. LLM4020

   Corporate members: accounts: introduction
3. LLM4030

   Corporate members: accounts: the technical account
4. LLM4040

   Corporate members: accounts: the non-technical account
5. LLM4050

   Corporate members: taxation: general rules
6. LLM4060

   Corporate members: syndicate profits: the declarations basis
7. LLM4070

   Corporate members: syndicate profits: the declarations basis: non-calendar year accounting periods
8. LLM4080

   Corporate members: syndicate profits: the declarations basis: the tax computation
9. LLM4090

   Corporate members: taxation of premium trust fund (PTF) income and gains
10. LLM4100

    Corporate members: taxation of premium trust fund (PTF) income and gains: the declarations basis
11. LLM4110

    Corporate members: taxation of ancillary trust fund (ATF) income and gains
12. LLM4120

    Corporate members: taxation of assets employed in connection with underwriting
13. LLM4130

    Corporate members: profits not charged under Case I
14. LLM4140

    Corporate members: tax treatment of expenses
15. LLM4150

    Corporate members: stop loss contracts
16. LLM4155

    Corporate members: stop-loss contracts
17. LLM4160

    Corporate members: quota share contracts
18. LLM4170

    Corporate members: syndicate capacity
19. LLM4180

    Corporate members: syndicate capacity: accounting periods ending before 1 April 2002
20. LLM4190

    Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: general
21. LLM4200

    Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: examples
22. LLM4210

    Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: paragraph 10 elections
23. LLM4220

    Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: International Accounting Standards
24. LLM4230

    Corporate members: cessation of underwriting business
25. LLM4240

    Corporate members: transfers of business
26. LLM4250

    Corporate members: investment trusts