E5.621 General
The treatment of losses for Lloyd's members is complex. The complexity stems both from the different legal entities through which a member may conduct business, and the structure of Lloyd's.
Losses may effectively be relieved at syndicate level, or at individual level.
There some specific tax rules for Lloyd's members and losses, which means that loss rules for income tax or corporation tax apply with modification.
Capital losses are covered at E5.631 to E5.636 and run-off losses at E5.626.
Syndicate losses
A loss can arise at syndicate level if the net claims and expenses of the syndicate exceed its income from premiums and investments.
A member's underwriting loss is calculated by consolidating the results from all the syndicates in which they participate, and deducting any personal allowable expenses.
Partnership and company losses
Individual partners may claim loss
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Web page updated on 17 Mar 2025 15:13