LLM5000 - Individual Names: contents

The section of the Lloyd鈥檚 Manual explains the taxation of individual members of Lloyd鈥檚. For convenience, such members are generally referred to as 鈥楴ames鈥�. 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鈥檚 underwriting - LLM5040 to LLM5280
  • the basis of assessment rules, including the 鈥榗orresponding year鈥� basis and the 鈥榙eclaration basis鈥� - LLM5290 to LLM5360
  • loss relief - LLM5370 to LLM5420.

Capital gains of Lloyd鈥檚 Names are dealt with at LLM8000.

Double taxation relief is dealt with at LLM7000.

  1. LLM5010
    Names: background to the tax rules
  2. LLM5020
    Names: taxation in earlier years
  3. LLM5030
    Names: taxation in earlier years: Reconstruction and Renewal
  4. LLM5040
    Names: taxation of trade profits
  5. LLM5050
    Names: syndicate results and premium trust fund (鈥楶TF鈥�) income
  6. LLM5060
    Names: income from ancillary trust fund ('ATF'): general
  7. LLM5070
    Names: income from ancillary trust fund ('ATF'): Accrued Income Scheme (鈥楢IS鈥�)
  8. LLM5080
    Names: income from ancillary trust fund ('ATF'): other types of security
  9. LLM5090
    Names: income from ancillary trust fund ('ATF'): taxed income
  10. LLM5100
    Names: from ancillary trust fund ('ATF'): dividends and scrip dividends: 6 April 1999 onwards
  11. LLM5110
    Names: income from ancillary trust fund (鈥楢TF鈥�): foreign tax
  12. LLM5120
    Names: other Lloyd鈥檚-related income and expenditure: introduction
  13. LLM5130
    Names: other Lloyd鈥檚-related income: stop loss recoveries
  14. LLM5140
    Names: other Lloyd鈥檚-related income: compensation
  15. LLM5150
    Names: other Lloyd鈥檚-related expenditure: items allowable when paid: fees and subscriptions
  16. LLM5160
    Names: other Lloyd鈥檚-related expenditure: items allowable when paid: bank guarantees, interest, legal expenses
  17. LLM5170
    Names: other Lloyd鈥檚-related expenditure: central fund
  18. LLM5180
    Names: other Lloyd鈥檚-related expenditure: stop loss and quota share insurance
  19. LLM5190
    Names: other Lloyd鈥檚-related expenditure: Estate Protection Plans
  20. LLM5200
    Names: other Lloyd鈥檚-related expenditure: types of Estate Protection Plans
  21. LLM5210
    Names: taxation: other Lloyd鈥檚-related expenditure: quota share policies and Estate Protection Plans: FA 2002: general
  22. LLM5220
    Names: other Lloyd鈥檚-related expenditure: quota share policies and Estate Protection Plans: FA 2002: details
  23. LLM5230
    Names: special reserve funds: background
  24. LLM5240
    Names: special reserve funds: transfers in
  25. LLM5250
    Names: special reserve funds: transfers in: example
  26. LLM5260
    Names: special reserve funds: withdrawals
  27. LLM5270
    Names: special reserve funds: taxation
  28. LLM5280
    Names: special reserve funds: taxation: cessation
  29. LLM5290
    Names: basis of assessment: introduction
  30. LLM5300
    Names: basis of assessment: non-syndicate income and expenses
  31. LLM5310
    Names: basis of assessment: commencement
  32. LLM5320
    Names: basis of assessment: cessation: introduction
  33. LLM5330
    Names: basis of assessment: cessation: regulations
  34. LLM5340
    Names: basis of assessment: death
  35. LLM5350
    Names: basis of assessment: death: example
  36. LLM5360
    Names: basis of assessment: post cessation receipts and expenses
  37. LLM5370
    Names: reliefs, claims and elections: general
  38. LLM5380
    Names: loss relief (except terminal losses)
  39. LLM5390
    Names: terminal loss relief
  40. LLM5400
    Names: terminal loss relief: final year quota share
  41. LLM5410
    Names: members underwriting since 1971: 鈥楻egulation 13 relief鈥�
  42. LLM5420
    Names: members underwriting since 1971: 鈥楻egulation 13 relief鈥�: calculation
  43. LLM5430
    Names: earned income, pension contributions, NIC
  44. LLM5440
    Names: non-resident members
  45. LLM5450
    Names: non-trade income connected with membership of Lloyd鈥檚
  46. LLM5460
    Names: an example of the elements of the taxable profits