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HMRC internal manual

Lloyd's Manual

From
HM Revenue & Customs
Updated
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Conversion: contents

Until 1993 all members of Lloyd’s were individuals. Since then, many have transferred their underwriting to one of a number of types of corporate body member (LLM1070). This is referred to as ‘conversion’. LLM6010 onwards explains the tax issues arising from conversion.

These types of limited liability member are also now the only means by which any new individuals can participate in the Lloyd’s market.