LLM5350 - 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 | - |