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LLM5000 | Individual Names: contents

From HM Revenue & Customs · Lloyd's Manual

The section of the Lloyd’s Manual explains the taxation of individual members of Lloyd’s. For convenience, such members are generally referred to as ‘Names’. The subjects in this section cover the following main areas

  • the background to the tax treatment of Names - LLM5010 to LLM5030

  • the computation of treatment of trade income from Lloyd’s underwriting - LLM5040 to LLM5280

  • the basis of assessment rules, including the ‘corresponding year’ basis and the ‘declaration basis’ - LLM5290 to LLM5360

  • loss relief - LLM5370 to LLM5420.

Capital gains of Lloyd’s Names are dealt with at LLM8000.

Double taxation relief is dealt with at LLM7000.

Contents46 entries

  1. LLM5010Names: background to the tax rules
  2. LLM5020Names: taxation in earlier years
  3. LLM5030Names: taxation in earlier years: Reconstruction and Renewal
  4. LLM5040Names: taxation of trade profits
  5. LLM5050Names: syndicate results and premium trust fund (‘PTF’) income
  6. LLM5060Names: income from ancillary trust funds (‘ATFs’): introduction
  7. LLM5070Names: income from ancillary trust funds (‘ATFs’): Accrued Income Scheme (‘AIS’)
  8. LLM5080Names: income from ancillary trust funds (‘ATFs’): other types of security
  9. LLM5090Names: income from ancillary trust funds (‘ATFs’): taxed income
  10. LLM5100Names: income from ancillary trust funds (‘ATFs’): dividends and scrip dividends: 6 April 1999 onwards
  11. LLM5110Names: income from ancillary trust funds (‘ATFs’): foreign tax
  12. LLM5120Names: other Lloyd’s-related income and expenditure: introduction
  13. LLM5130Names: other Lloyd’s-related income: stop loss recoveries
  14. LLM5140Names: other Lloyd’s-related income: compensation
  15. LLM5150Names: other Lloyd’s-related expenditure: items allowable when paid: fees and subscriptions
  16. LLM5160Names: other Lloyd’s-related expenditure: items allowable when paid: bank guarantees, interest, legal expenses
  17. LLM5170Names: other Lloyd’s-related expenditure: Central Fund
  18. LLM5180Names: other Lloyd’s-related expenditure: stop loss and quota share insurance
  19. LLM5190Names: other Lloyd’s-related expenditure: Estate Protection Plans
  20. LLM5200Names: other Lloyd’s-related expenditure: types of Estate Protection Plans
  21. LLM5210Names: other Lloyd’s-related expenditure: quota share contracts and Estate Protection Plans: FA 2002: general
  22. LLM5220Names: other Lloyd’s-related expenditure: quota share contracts and Estate Protection Plans: FA 2002: details
  23. LLM5230Names: special reserve funds: background
  24. LLM5240Names: special reserve funds: transfers in
  25. LLM5250Names: special reserve funds: transfers in: example
  26. LLM5260Names: special reserve funds: withdrawals
  27. LLM5270Names: special reserve funds: taxation
  28. LLM5280Names: Special Reserve Funds: taxation on cessation
  29. LLM5290Names: basis of assessment: introduction
  30. LLM5300Names: basis of assessment: non-syndicate income and expenses
  31. LLM5310Names: basis of assessment: commencement
  32. LLM5320Names: basis of assessment: cessation: introduction
  33. LLM5330Names: basis of assessment: cessation: regulations
  34. LLM5340Names: basis of assessment: death
  35. LLM5350Names: basis of assessment: death: example
  36. LLM5360Names: basis of assessment: post cessation receipts and expenses
  37. LLM5370Names: reliefs, claims and elections: general
  38. LLM5380Names: loss relief (except terminal losses)
  39. LLM5390Names: terminal loss relief
  40. LLM5400Names: terminal loss relief: final year quota share
  41. LLM5410Names: members underwriting since 1971: ‘regulation 13 relief’
  42. LLM5420Names: members underwriting since 1971: ‘regulation 13 relief’: calculation
  43. LLM5430Names: earned income, pension contributions, NIC
  44. LLM5440Names: non-resident members
  45. LLM5450Names: non-trade income connected with membership of Lloyd’s
  46. LLM5460Names: an example of the elements of the taxable profits