188体育

The relief is available to corporate and partnership members of the Lloyd鈥檚 insurance market. It applies to both large corporates and to private capital invested through a Nameco small company vehicle. It also applies to LLP and SLP members of Lloyd鈥檚, and consequently for the benefit of members of the limited partnerships including individuals. It thus applies to all limited liability capital providers, but it does not apply to traditional unlimited liability Names who belong directly to Lloyd鈥檚. This is because these Names may establish special reserve funds (LLM5230) which offer advantages similar to or better than equalisation reserves.

The Lloyd鈥檚 Underwriters (Equalisation Reserves) (Tax) Regulations (SI2009/2039) refer to 鈥榓ccounting periods鈥�. This is appropriate for both corporate members of Lloyd鈥檚 and partnerships whose members include individuals - see the Lloyd鈥檚 Underwriters (Partnerships) (Tax) Regulations 1997, SI1997/2681 (as amended). Regulation 6(1) provides that references to the 鈥榗orresponding underwriting year鈥�, being the underwriting year ending in the tax year of assessment for individuals (FA93/S184 (2)(a)), are to be taken to be references to the (partnership) accounting period, as defined by regulation 6(2), ending in the corresponding underwriting year.