LLM3410 - Equalisation reserves for corporate and partnership members: scope of relief
The relief is available to corporate and partnership members of the Lloyd바카라 사이트™s insurance market. It applies to both large corporates and to private capital invested through a Nameco small company vehicle. It also applies to LLP and SLP members of Lloyd바카라 사이트™s, and consequently for the benefit of members of the limited partnerships including individuals. It thus applies to all limited liability capital providers, but it does not apply to traditional unlimited liability Names who belong directly to Lloyd바카라 사이트™s. This is because these Names may establish special reserve funds (LLM5230) which offer advantages similar to or better than equalisation reserves.
The Lloyd바카라 사이트™s Underwriters (Equalisation Reserves) (Tax) Regulations (SI2009/2039) refer to 바카라 사이트˜accounting periods바카라 사이트™. This is appropriate for both corporate members of Lloyd바카라 사이트™s and partnerships whose members include individuals - see the Lloyd바카라 사이트™s Underwriters (Partnerships) (Tax) Regulations 1997, SI1997/2681 (as amended). Regulation 6(1) provides that references to the 바카라 사이트˜corresponding underwriting year바카라 사이트™, being the underwriting year ending in the tax year of assessment for individuals (FA93/S184 (2)(a)), are to be taken to be references to the (partnership) accounting period, as defined by regulation 6(2), ending in the corresponding underwriting year.