LLM2120 - Syndicate accounts: taxation: the RITC premium

Tax adjustments to the RITC or EFL

Finance Act 2000 introduced legislation to make adjustments to the amount of the RITC ( LLM2060) or the EFL (for run-off syndicates – LLM2070) at member level. The FA2000 legislation is covered in LLM3000.

Before FA2000, FA93/S177 and FA94/S224 determined the extent to which the RITC premium or the EFL was deductible in computing profits for tax purposes ( LLM3210).