Corporate Lloyd's members pay corporation tax. Trading losses arising from the underwriting business can be set against the profits of the accounting period in which they arise. A claim can also be made to carry the loss back against the profits earned in the 12 months preceding the accounting period1.
If the trading loss arises in the 12 months preceding the cessation of the trade, it can be carried back against the profits earned in the three years immediately preceding the accounting period in which the loss was incurred2.
For relief available on a Name's conversion to corporate underwriting, see E5.625B.
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Web page updated on 17 Mar 2025 17:31