DMBM540355 - Debt and return pursuit: Insurance Premium Tax: Who is liable to pay the debt? Lloyds Syndicates
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The Corporation of Lloyds is not an insurer. Lloyds is an insurance marketplace within which insurers operate. The insurers are members of Lloyds otherwise known as 바카라 사이트渘ames바카라 사이트�.
바카라 사이트淣ames바카라 사이트� traditionally have been individuals, however since 1994 Limited Companies known as 바카라 사이트渃orporate names바카라 사이트�, entered the market. The 바카라 사이트渘ames바카라 사이트� organise into syndicates to provide insurance cover.
A 바카라 사이트渘ame바카라 사이트� is an individual who, or a limited company that, pledges capital to back-up their underwriting activities. Corporate syndicates are exclusively syndicates whose members are corporate 바카라 사이트渘ames바카라 사이트�.
Lloyds syndicates are unincorporated associations.
The syndicate registers for IPT, not the 바카라 사이트渘ames바카라 사이트�, but the 바카라 사이트渘ames바카라 사이트� are jointly and severally liable for tax due from the syndicate.
Generally, Lloyds syndicates subscribe to a scheme where Lloyds prepare and submit a consolidated IPT return. Lloyds motor insurance syndicates register for IPT in their own right.
Legislation
Regulation 9 (1) and (2) of the Insurance Premium Tax Regulations 1994, provide:
바카라 사이트�9(1) Anything required to be done by or under the Act (whether by these Regulations or otherwise) by or on behalf of a syndicate of underwriting members of Lloyds shall be the joint and several responsibility of the persons mentioned in paragraph (2) below; but if it is done by any of those persons it shall be sufficient compliance with any such requirement.
(2) The persons are-
(a) the underwriting members of the syndicate;
(b) the managing agent of the syndicate; and
(c) as regards any accounting period for which it is required by paragraph (3) below to act as the syndicate바카라 사이트檚 representative, Lloyds.바카라 사이트�