Specific rules apply to determine the date of cessation for terminal loss relief provisions.
The date of permanent discontinuance is 5 April in the last tax year for which syndicate results are included for that individual Name1, or partner2.
When a Name resigns or dies, terminal loss relief can be claimed for their final 12 months of underwriting, unless the individual is in run-off syndicates. A run-off syndicate is one where the risks are too uncertain for the normal three-year closure to apply3.
Special rules apply to determine the final year of trade on death, such that where an individual dies part way through a year, the final account is treated as the previous 31 December. See also E5.6474.
In such circumstances the
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Web page updated on 17 Mar 2025 16:41