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Lloyd's syndicates use a system of annual accounting, in accordance with UK Generally Accepted Accounting Practice (GAAP). This means that Lloyd's syndicates produce accounts that are broadly comparable with those produced by Insurance companies¹.

The Lloyd's accounting system has some unusual features. The accounting year is the calendar year so that, for example, the accounting year to 31 December 2023 is known as the 2023 underwriting account.

A risk is included in a particular underwriting account if the policy is signed by the Lloyd's Policy Signing Office in that year of account.

Syndicate profits and losses and investment income from the member's premiums trust fund are treated as arising in the calendar year in which the results are declared, and are taxable in the tax year corresponding to that calendar year².

Example

A syndicate closes its 2020 account on 31 December 2022 and declares its results in May 2023. The results of the syndicate are included in the trading results for 2023/24, the tax year corresponding with the calendar year 2023 in