LLM5000 - Individual Names: contents

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.

1. LLM5010

   Names: background to the tax rules
2. LLM5020

   Names: taxation in earlier years
3. LLM5030

   Names: taxation in earlier years: Reconstruction and Renewal
4. LLM5040

   Names: taxation of trade profits
5. LLM5050

   Names: syndicate results and premium trust fund (‘PTF’) income
6. LLM5060

   Names: income from ancillary trust fund ('ATF'): general
7. LLM5070

   Names: income from ancillary trust fund ('ATF'): Accrued Income Scheme (‘AIS’)
8. LLM5080

   Names: income from ancillary trust fund ('ATF'): other types of security
9. LLM5090

   Names: income from ancillary trust fund ('ATF'): taxed income
10. LLM5100

    Names: from ancillary trust fund ('ATF'): dividends and scrip dividends: 6 April 1999 onwards
11. LLM5110

    Names: income from ancillary trust fund (‘ATF’): foreign tax
12. LLM5120

    Names: other Lloyd’s-related income and expenditure: introduction
13. LLM5130

    Names: other Lloyd’s-related income: stop loss recoveries
14. LLM5140

    Names: other Lloyd’s-related income: compensation
15. LLM5150

    Names: other Lloyd’s-related expenditure: items allowable when paid: fees and subscriptions
16. LLM5160

    Names: other Lloyd’s-related expenditure: items allowable when paid: bank guarantees, interest, legal expenses
17. LLM5170

    Names: other Lloyd’s-related expenditure: central fund
18. LLM5180

    Names: other Lloyd’s-related expenditure: stop loss and quota share insurance
19. LLM5190

    Names: other Lloyd’s-related expenditure: Estate Protection Plans
20. LLM5200

    Names: other Lloyd’s-related expenditure: types of Estate Protection Plans
21. LLM5210

    Names: taxation: other Lloyd’s-related expenditure: quota share policies and Estate Protection Plans: FA 2002: general
22. LLM5220

    Names: other Lloyd’s-related expenditure: quota share policies and Estate Protection Plans: FA 2002: details
23. LLM5230

    Names: special reserve funds: background
24. LLM5240

    Names: special reserve funds: transfers in
25. LLM5250

    Names: special reserve funds: transfers in: example
26. LLM5260

    Names: special reserve funds: withdrawals
27. LLM5270

    Names: special reserve funds: taxation
28. LLM5280

    Names: special reserve funds: taxation: cessation
29. LLM5290

    Names: basis of assessment: introduction
30. LLM5300

    Names: basis of assessment: non-syndicate income and expenses
31. LLM5310

    Names: basis of assessment: commencement
32. LLM5320

    Names: basis of assessment: cessation: introduction
33. LLM5330

    Names: basis of assessment: cessation: regulations
34. LLM5340

    Names: basis of assessment: death
35. LLM5350

    Names: basis of assessment: death: example
36. LLM5360

    Names: basis of assessment: post cessation receipts and expenses
37. LLM5370

    Names: reliefs, claims and elections: general
38. LLM5380

    Names: loss relief (except terminal losses)
39. LLM5390

    Names: terminal loss relief
40. LLM5400

    Names: terminal loss relief: final year quota share
41. LLM5410

    Names: members underwriting since 1971: ‘Regulation 13 relief’
42. LLM5420

    Names: members underwriting since 1971: ‘Regulation 13 relief’: calculation
43. LLM5430

    Names: earned income, pension contributions, NIC
44. LLM5440

    Names: non-resident members
45. LLM5450

    Names: non-trade income connected with membership of Lloyd’s
46. LLM5460

    Names: an example of the elements of the taxable profits