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HMRC internal manual

Lloyd's Manual

From
HM Revenue & Customs
Updated
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Individual Names: contents

The section of the Lloyd’s Manual explains the taxation of individual members of Lloyd’s. For convenience, such members are generally referred to as ‘Names’. The subjects in this section cover the following main areas

  • the background to the tax treatment of Names - LLM5010 to LLM5030
  • the computation of treatment of trade income from Lloyd’s underwriting - LLM5040 to LLM5280
  • the basis of assessment rules, including the ‘corresponding year’ basis and the ‘declaration basis’ - LLM5290 to LLM5360
  • loss relief - LLM5370 to LLM5420.

Capital gains of Lloyd’s Names are dealt with at LLM8000.

Double taxation relief is dealt with at LLM7000.

  1. LLM5010
    Names: background to the tax rules
  2. LLM5020
    Names: taxation in earlier years
  3. LLM5030
    Names: taxation in earlier years: Reconstruction and Renewal
  4. LLM5040
    Names: taxation of trade profits
  5. LLM5050
    Names: syndicate results and premium trust fund (‘PTF’) income
  6. LLM5060
    Names: income from ancillary trust fund ('ATF'): general
  7. LLM5070
    Names: income from ancillary trust fund ('ATF'): Accrued Income Scheme (‘AIS’)
  8. LLM5080
    Names: income from ancillary trust fund ('ATF'): other types of security
  9. LLM5090
    Names: income from ancillary trust fund ('ATF'): taxed income
  10. LLM5100
    Names: from ancillary trust fund ('ATF'): dividends and scrip dividends: 6 April 1999 onwards
  11. LLM5110
    Names: income from ancillary trust fund (‘ATF’): foreign tax
  12. LLM5120
    Names: other Lloyd’s-related income and expenditure: introduction
  13. LLM5130
    Names: other Lloyd’s-related income: stop loss recoveries
  14. LLM5140
    Names: other Lloyd’s-related income: compensation
  15. LLM5150
    Names: other Lloyd’s-related expenditure: items allowable when paid: fees and subscriptions
  16. LLM5160
    Names: other Lloyd’s-related expenditure: items allowable when paid: bank guarantees, interest, legal expenses
  17. LLM5170
    Names: other Lloyd’s-related expenditure: central fund
  18. LLM5180
    Names: other Lloyd’s-related expenditure: stop loss and quota share insurance
  19. LLM5190
    Names: other Lloyd’s-related expenditure: Estate Protection Plans
  20. LLM5200
    Names: other Lloyd’s-related expenditure: types of Estate Protection Plans
  21. LLM5210
    Names: taxation: other Lloyd’s-related expenditure: quota share policies and Estate Protection Plans: FA 2002: general
  22. LLM5220
    Names: other Lloyd’s-related expenditure: quota share policies and Estate Protection Plans: FA 2002: details
  23. LLM5230
    Names: special reserve funds: background
  24. LLM5240
    Names: special reserve funds: transfers in
  25. LLM5250
    Names: special reserve funds: transfers in: example
  26. LLM5260
    Names: special reserve funds: withdrawals
  27. LLM5270
    Names: special reserve funds: taxation
  28. LLM5280
    Names: special reserve funds: taxation: cessation
  29. LLM5290
    Names: basis of assessment: introduction
  30. LLM5300
    Names: basis of assessment: non-syndicate income and expenses
  31. LLM5310
    Names: basis of assessment: commencement
  32. LLM5320
    Names: basis of assessment: cessation: introduction
  33. LLM5330
    Names: basis of assessment: cessation: regulations
  34. LLM5340
    Names: basis of assessment: death
  35. LLM5350
    Names: basis of assessment: death: example
  36. LLM5360
    Names: basis of assessment: post cessation receipts and expenses
  37. LLM5370
    Names: reliefs, claims and elections: general
  38. LLM5380
    Names: loss relief (except terminal losses)
  39. LLM5390
    Names: terminal loss relief
  40. LLM5400
    Names: terminal loss relief: final year quota share
  41. LLM5410
    Names: members underwriting since 1971: ‘Regulation 13 relief’
  42. LLM5420
    Names: members underwriting since 1971: ‘Regulation 13 relief’: calculation
  43. LLM5430
    Names: earned income, pension contributions, NIC
  44. LLM5440
    Names: non-resident members
  45. LLM5450
    Names: non-trade income connected with membership of Lloyd’s
  46. LLM5460
    Names: an example of the elements of the taxable profits