A special cessation relief applies to pre-1972 Names. Known as regulation 13 relief1 this is only available to Names who began underwriting before the 1972 Lloyd's account.
Prior to the 1972 account, underwriting profits were assessed on a preceding year basis. When this changed to the current year basis of assessment from the 1972 account onwards, there was a double assessment for the 1971 and 1972 accounts (both of which were
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