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HMRC internal manual

Lloyd's Manual

From
HM Revenue & Customs
Updated
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Names: basis of assessment: death: example

A Name who has been underwriting since 1 January 1980 dies in July 2006. Lloyd’s losses of £40,000 remain unused after offset against Lloyd’s 2005-06 profits. Other income for 2005-06 was £25,000. Lloyd’s losses for 2006-07 are £13,000 and for 2007-08 Lloyd’s profits are £35,000.

Loss reliefs can be claimed as follows:

Year   £ £
       
2005-06 Other income   25000
  Less Lloyd’s 2006-07 losses (s380(1)(b) ICTA)   13000
Death      
2006-07 Lloyd’s profits   35000
  Less Lloyd’s losses b/f (s385 ICTA)   35000
  Lloyd’s losses b/f 40000  
  Less used 2006-07 (35000)  
  Lloyd’s losses to c/f 5000