SolvedLLMUPDATE071231 | Lloyds Manual: recent changes
From HM Revenue & Customs · Lloyd's Manual
Below are details of the amendments that were published on 31 December 2007 (see the update index for all updates)
| Section | Details of update |
|---|---|
| LLM1010 | Introduction to Lloyd’s: background \n \nIncludes additional background |
| LLM1020 | Introduction to Lloyd’s: market developments: 1992 to 2002 \n \nIncludes a summary of the October 2006 agreement between Equitas and the US Berkshire Hathaway Corporation |
| LLM1030 | Introduction to Lloyd’s: market developments: 2002 onwards \n \nIncludes updated statistical information |
| LLM1040 | Introduction to Lloyd’s: basic concepts and terms: types of Lloyd’s member \n \nExplains “What’s in a Name?” in more detail |
| LLM1070 | Introduction to Lloyd’s: basic concepts and terms: types of Lloyd’s member: conversion vehicles \n \nIncludes more explanation about corporate body members |
| LLM1080 | Introduction to Lloyd’s: basic concepts and terms: syndicates \n \nIncludes more explanation about syndicates and updated statistical information |
| LLM1090 | Introduction to Lloyd’s: basic concepts and terms: managing agents and premium trust funds \n \nIncludes more explanation |
| LLM1095 | Introduction to Lloyd’s: basic concepts and terms: managing agents and premium trust funds: aligned member syndicates \n \nNew page |
| LLM1200 | Introduction to Lloyd’s: capital structure: the chain of security: Funds at Lloyd’s \n \nIncludes more explanation about ancillary trust funds |
| LLM2010 | Syndicate accounts: overview of accounting and tax \n \nReflects new legislation |
| LLM2210 | Syndicate accounts: format of underwriting year accounts under annual accounting from 2005 \n \nIncludes more explanation about how investment return is generally allocated to years of account |
| LLM4050 | Corporate members: taxation: general rules \n \nThe summary is expanded to include an exception in the case of aligned members |
| LLM4090 | Corporate members: taxation of premium trust fund (PTF) income and gains \n \nIncludes more explanation about the taxation of aligned members |
| LLM4105 | Corporate members: taxation of premium trust fund (PTF) income and gains: aligned member syndicates \n \nNew page |
| LLM4120 | Corporate members: taxation of assets employed in connection with underwriting \n \nIncludes an updated explanation about assets employed in connection with the underwriting business |
| LLM4150 | Corporate members: ‘member level’ stop loss contracts \n \nIncludes more explanation about stop loss insurance |
| LLM4210 | Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: paragraph 10 elections \n \nIncludes more explanation about what is a fungible asset |
| LLM4240 | Corporate members: transfers of business \n \nReflects new legislation |
| LLM4245 | Corporate members: transfers of business: 2007 onwards \n \nNew page |
| LLM4250 | Corporate members: restriction of group relief \n \nNew page |
| LLM4251 | Corporate members: restriction of group relief: example \n \nNew page |
| LLM4260 | Corporate members: investment trusts \n \nRenumbered page (previously LLM4250) |
| LLM5010 | Names: background to the tax rules \n \nIncludes background relating to partnerships |
| LLM5030 | Names: taxation in earlier years: Reconstruction and Renewal \n \nExplains correct tax treatment of ISS payments |
| LLM5360 | Names: basis of assessment: post cessation receipts and expenses \n \nExplains about returned premiums under the arrangement between Equitas and Berkshire Hathaway |
| LLM5380 | Names: loss relief (except terminal losses) \n \nIncludes updated legislative references |
| LLM5390 | Names: terminal loss relief \n \nIncludes updated legislative reference |
| LLM5420 | Names: members underwriting since 1971: ‘regulation 13 relief’: calculation \n \nIncludes updated legislative reference |
| LLM6040 | Conversion: collective conversion schemes: shares and loan stock \n \nIncludes updated legislative reference |
| LLM6050 | Conversion: Namecos \n \nIncludes updated legislative reference |
| LLM6090 | Conversion: Scottish limited partnerships: restriction of loss relief \n \nExplains the general partnership trade loss relief cap and includes updated legislative references |
| LLM6150 | Conversion: Limited Liability Partnerships \n \nIncludes more explanation about loss relief |
| LLM6160 | Conversion: tax reliefs: background \n \nIncludes updated legislative references |
| LLM6190 | Conversion: Schedule 20A FA93: Nameco conversions: trading losses \n \nIncludes updated legislative references |
| LLM6230 | Conversion: Schedule 20A FA93: supplementary provisions \n \nIncludes updated legislative reference |
| LLM8140 | Capital gains: Names: syndicate capacity: MAPAs: years of assessment up to and including 1998-99 (3) \n \nChanges made to the example about the cost of acquisition of capacity taken from a MAPA |