If a Non-Resident Partnership Statement and associated Pages
are required, the nominated partner should follow the income tax
rules in
LLM6130 to complete them, with the
following modification to exclude gains or losses on FOTRA
securities held in syndicate premium trust funds (PTFs) from the
Trading Pages.
The amounts of gains and losses on FOTRA securities held in
syndicate PTFs are described as ’exempt income’ on the
CTA 1 Taxation Advice provided by Lloyd’s Members Support
Unit.
If any FOTRA securities in the partnership’s ancillary
trust fund (ATF) were disposed of, the proceeds should similarly be
excluded from the Partnership Non-Resident Capital Gains Pages.
Other than these two points, the completion of the
Partnership Non-Resident Statement is the same as the income tax
equivalent.
