LLM4000 - Corporate members
This section of the Lloyd’s Manual explains the accounting treatment and tax rules for limited liability companies that are corporate members of Lloyd’s. Under Lloyd’s rules, the term ‘corporate member’ actually applies to all forms of limited liability vehicles at Lloyd’s. These vehicles include ‘Namecos’, Scottish limited partnerships (‘SLPs’), Limited Liability Partnerships (‘LLPs’) and other means by which individual members have ‘converted’ to forms of limited liability underwriting. LLM6000+ deals with such ‘conversion’ vehicles in more detail. In this Chapter ‘corporate member’ is used in the more restricted sense, excluding partnerships.
The material in this section covers the following main areas
- the background to and the accounting rules for corporate members
- the specific legislation in Chapter 5 of Part 4 of Finance Act 1994 on the computation and assessment of profits and losses from underwriting at Lloyd’s by companies
- the application of the rules on intangible fixed assets to syndicate capacity.
See LLM7000+ for the rules on Double Taxation Relief for corporate members.
Corporate members: background |
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Corporate members: accounts: introduction |
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Corporate members: accounts: the technical account |
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Corporate members: accounts: the non-technical account |
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Corporate members: taxation: general rules |
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Corporate members: taxation of syndicate profits: the declaration basis |
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Corporate members: taxation of syndicate profits: the declaration basis: non-calendar year accounting periods |
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Corporate members: taxation of syndicate profits: the declaration basis: the tax computation |
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Corporate members: taxation of premium trust fund (PTF) income and gains |
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Corporate members: taxation of premium trust fund (PTF) income and gains: the declaration basis |
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Corporate members: taxation of premium trust fund income and gains: aligned member syndicates |
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Corporate members: taxation of ancillary trust fund (ATF) income and gains |
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Corporate members: taxation of assets employed in connection with underwriting |
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Corporate members: profits not charged under Case I |
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Corporate members: tax treatment of expenses |
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Corporate members: stop loss contracts |
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Corporate members: quota share contracts |
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Corporate members: syndicate capacity |
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Corporate members: syndicate capacity: accounting periods ending before 1 April 2002 |
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Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: general |
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Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: examples |
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Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: paragraph 10 elections |
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Corporate members: syndicate capacity: accounting periods ending on or after 1 April 2002: International Accounting Standards |
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Corporate members: cessation of underwriting business |
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Corporate members: transfers of business |
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Corporate members: transfers of business: 2007 onwards |
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Corporate members: restriction of group relief |
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Corporate members: restriction of group relief: example |
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Corporate members: investment trusts |
