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HMRC internal manual

Lloyd's Manual

Names: reliefs, claims and elections: general

The business of underwriting as a member of Lloyd’s is a trade, so all reliefs for trading losses are available for Lloyd’s losses. The normal rules for claiming and giving effect to such reliefs, and for Error or Mistake Relief, apply to Names as they do to other taxpayers, with the exception of some special rules for terminal loss relief.

See LLM6160 for guidance on the income tax and capital gains tax reliefs introduced by Finance Act 2004 for Names who convert to limited liability underwriting under Lloyd’s conversion schemes.