Below are details of the amendments that were published on 11 January 2008 (see the
update index for all updates)
| Section | Details of update |
| LLM1010 | Introduction to Lloyd's:
background
Includes additional background |
| LLM1020 | Introduction to Lloyd's:
market developments: 1992 to 2002
Includes a summary of the October 2006 agreement between Equitas and the US Berkshire Hathaway Corporation |
| LLM1030 | Introduction to Lloyd's:
market developments: 2002 onwards
Includes updated statistical information |
| LLM1040 | Introduction to Lloyd's:
basic concepts and terms: types of Lloyd's member
Explains “What’s in a Name?” in more detail |
| LLM1070 | Introduction to Lloyd's:
basic concepts and terms: types of Lloyd's member: conversion
vehicles
Includes more explanation about corporate body members |
| LLM1080 | Introduction to Lloyd's:
basic concepts and terms: syndicates
Includes more explanation about syndicates and updated statistical information |
| LLM1090 | Introduction to Lloyd's:
basic concepts and terms: managing agents and premium trust funds
Includes more explanation |
| LLM1095 | Introduction to Lloyd's:
basic concepts and terms: managing agents and premium trust funds:
aligned member syndicates
New page |
| LLM1200 | Introduction to Lloyd's:
capital structure: the chain of security: Funds at Lloyd’s
Includes more explanation about ancillary trust funds |
| LLM2010 | Syndicate accounts:
overview of accounting and tax
Reflects new legislation |
| LLM2210 | Syndicate accounts:
format of underwriting year accounts under annual accounting from
2005
Includes more explanation about how investment return is generally allocated to years of account |
| LLM4050 | Corporate members:
taxation: general rules
The summary is expanded to include an exception in the case of aligned members |
| LLM4090 | Corporate members:
taxation of premium trust fund (PTF) income and gains
Includes more explanation about the taxation of aligned members |
| LLM4105 | Corporate members:
taxation of premium trust fund (PTF) income and gains: aligned
member syndicates
New page |
| LLM4120 | Corporate members:
taxation of assets employed in connection with underwriting
Includes an updated explanation about assets employed in connection with the underwriting business |
| LLM4150 | Corporate members:
‘member level’ stop loss contracts
Includes more explanation about stop loss insurance |
| LLM4210 | Corporate members:
syndicate capacity: accounting periods ending on or after 1 April
2002: paragraph 10 elections
Includes more explanation about what is a fungible asset |
| LLM4240 | Corporate members:
transfers of business
Reflects new legislation |
| LLM4245 | Corporate members:
transfers of business: 2007 onwards
New page |
| LLM4250 | Corporate members:
restriction of group relief
New page |
| LLM4251 | Corporate members:
restriction of group relief: example
New page |
| LLM4260 | Corporate members:
investment trusts
Renumbered page (previously LLM4250) |
| LLM5010 | Names: background to the
tax rules
Includes background relating to partnerships |
| LLM5030 | Names: taxation in
earlier years: Reconstruction and Renewal
Explains correct tax treatment of ISS payments |
| LLM5360 | Names: basis of
assessment: post cessation receipts and expenses
Explains about returned premiums under the arrangement between Equitas and Berkshire Hathaway |
| LLM5380 | Names: loss relief
(except terminal losses)
Includes updated legislative references |
| LLM5390 | Names: terminal loss
relief
Includes updated legislative reference |
| LLM5420 | Names: members
underwriting since 1971: ‘regulation 13 relief’:
calculation
Includes updated legislative reference |
| LLM6040 | Conversion: collective
conversion schemes: shares and loan stock
Includes updated legislative reference |
| LLM6050 | Conversion: Namecos
Includes updated legislative reference |
| LLM6090 | Conversion: Scottish
limited partnerships: restriction of loss relief
Explains the general partnership trade loss relief cap and includes updated legislative references |
| LLM6150 | Conversion: Limited
Liability Partnerships
Includes more explanation about loss relief |
| LLM6160 | Conversion: tax reliefs:
background
Includes updated legislative references |
| LLM6190 | Conversion: Schedule 20A
FA93: Nameco conversions: trading losses
Includes updated legislative references |
| LLM6230 | Conversion: Schedule 20A
FA93: supplementary provisions
Includes updated legislative reference |
| LLM8140 | Capital gains: Names:
syndicate capacity: MAPAs: years of assessment up to and including
1998-99 (3)
Changes made to the example about the cost of acquisition of capacity taken from a MAPA |
