LLM0500 | Lloyd's Manual: overview of the manual

The Lloyd’s Manual (LLM) is written primarily for HMRC officers who deal with direct tax issues involving Lloyd’s, but it will also assist customers and their advisers. This manual does not cover Value Added Tax (VAT). Lloyd’s-specific VAT matters are dealt with in the VAT Insurance Manual at VATSIN4000+.

The manual gives an overview of the Lloyd’s market and the accounting and regulatory framework within which underwriting at Lloyd’s is carried on, and provides guidance on the taxation of Lloyd’s underwriting members.

In this manual the words ‘underwriter’ and ‘member’ are used interchangeably. For convenience, the word ‘Name’ is generally used with reference to individual members rather than corporate members.

Most insurance business underwritten at Lloyd’s is ‘general’ rather than ‘long term’ insurance, and reference may need on occasion to be made to the HMRC General Insurance Manual (GIM). Other HMRC manuals that deal with the taxation of insurance are the Life Assurance Manual (LAM), the Insurance Policyholder Taxation Manual (IPTM), and HMRC Guides and Business Briefs on Insurance Premium Tax (IPT) and VAT. Access to the manuals to which reference is made in the text is via LLM10000 (Links to other HMRC manuals).

Further information on the Lloyd’s insurance market is available from Lloyd's website: www.lloyds.com.

Where specialist guidance is necessary by HMRC officers, they should contact the BAI Financial Services Team.