LLM5000 - Individual Names
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.
| LLM5010 | Names: background to the tax rules |
| LLM5020 | Names: taxation in earlier years |
| LLM5030 | Names: taxation in earlier years: Reconstruction and Renewal |
| LLM5040 | Names: taxation of trade profits |
| LLM5050 | Names: syndicate results and premium trust fund (‘PTF’) income |
| LLM5060 | Names: income from ancillary trust fund ('ATF'): general |
| LLM5070 | Names: income from ancillary trust fund ('ATF'): Accrued Income Scheme (‘AIS’) |
| LLM5080 | Names: income from ancillary trust fund ('ATF'): other types of security |
| LLM5090 | Names: income from ancillary trust fund ('ATF'): taxed income |
| LLM5100 | Names: from ancillary trust fund ('ATF'): dividends and scrip dividends: 6 April 1999 onwards |
| LLM5110 | Names: income from ancillary trust fund (‘ATF’): foreign tax |
| LLM5120 | Names: other Lloyd’s-related income and expenditure: introduction |
| LLM5130 | Names: other Lloyd’s-related income: stop loss recoveries |
| LLM5140 | Names: other Lloyd’s-related income: compensation |
| LLM5150 | Names: other Lloyd’s-related expenditure: items allowable when paid: fees and subscriptions |
| LLM5160 | Names: other Lloyd’s-related expenditure: items allowable when paid: bank guarantees, interest, legal expenses |
| LLM5170 | Names: other Lloyd’s-related expenditure: Central Fund |
| LLM5180 | Names: other Lloyd’s-related expenditure: ‘Name level’ insurance: stop loss and quota share |
| LLM5190 | Names: other Lloyd’s-related expenditure: ‘Name level’ insurance: Estate Protection Plans (EPP) |
| LLM5200 | Names: other Lloyd’s-related expenditure: ‘Name level’ insurance: types of EPP |
| LLM5210 | Names: taxation: other Lloyd’s-related expenditure: ‘Name level’ insurance: quota share contracts and EPP: FA 2002: general |
| LLM5220 | Names: other Lloyd’s-related expenditure: ‘Name level’ insurance: quota share contracts and EPP: FA 2002: details |
| LLM5230 | Names: special reserve funds: background |
| LLM5240 | Names: special reserve funds: transfers in |
| LLM5250 | Names: special reserve funds: transfers in: example |
| LLM5260 | Names: special reserve funds: withdrawals |
| LLM5270 | Names: special reserve funds: taxation |
| LLM5280 | Names: special reserve funds: taxation: cessation |
| LLM5290 | Names: basis of assessment: introduction |
| LLM5300 | Names: basis of assessment: non-syndicate income and expenses |
| LLM5310 | Names: basis of assessment: commencement |
| LLM5320 | Names: basis of assessment: cessation: introduction |
| LLM5330 | Names: basis of assessment: cessation: regulations |
| LLM5340 | Names: basis of assessment: death |
| LLM5350 | Names: basis of assessment: death: example |
| LLM5360 | Names: basis of assessment: post cessation receipts and expenses |
| LLM5370 | Names: reliefs, claims and elections: general |
| LLM5380 | Names: loss relief (except terminal losses) |
| LLM5390 | Names: terminal loss relief |
| LLM5400 | Names: terminal loss relief: final year quota share |
| LLM5410 | Names: members underwriting since 1971: ‘Regulation 13 relief’ |
| LLM5420 | Names: members underwriting since 1971: ‘Regulation 13 relief’: calculation |
| LLM5430 | Names: earned income, pension contributions, NIC |
| LLM5440 | Names: non-resident members |
| LLM5450 | Names: non-trade income connected with membership of Lloyd’s |
| LLM5460 | Names: an example of the elements of the taxable profits |
