A Name who has been underwriting since 1 January 1980 dies in
July 2006. Lloyd’s losses of £40,000 remain unused after
offset against Lloyd’s 2005-06 profits. Other income for
2005- 06 was £25,000. Lloyd’s losses for 2006-07 are
£13,000 and for 2007-08 Lloyd’s profits are
£35,000.
Loss reliefs can be claimed as follows:
| Year | £ | £ | |
| 2005-06 | Other income | 25000 | |
| Less Lloyd’s 2006-07 losses (s380(1)(b) ICTA) | 13000 | ||
| Death | |||
| 2006-07 | Lloyd’s profits | 35000 | |
| Less Lloyd’s losses b/f (s385 ICTA) | 35000 | ||
| Lloyd’s losses b/f | 40000 | ||
| Less used 2006-07 | (35000) | ||
| Lloyd’s losses to c/f | 5000 |
