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HMRC internal manual

Lloyd's Manual

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HM Revenue & Customs
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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