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HMRC internal manual

Lloyd's Manual

Names: taxation in earlier years

1994-95 to 1996-97 were exceptional years because they covered the transition from an arising basis to a declaration year basis for the taxation of syndicate results. No syndicate results fell to be taxed in these years, and the taxable profits for each of these years was the aggregate of non-syndicate income and expenditure received or paid in the calendar year ending in the tax year.