LLM4010 - Corporate members: background
Lloyd바카라 사이트™s first admitted limited company corporate members to underwrite in the 1994 account and by 2005 corporate members made up 90% of the total capacity of the Lloyd바카라 사이트™s market.
Corporate members may or may not be UK resident. The trade of underwriting at Lloyd바카라 사이트™s is however carried on at the Lloyd바카라 사이트™s building in London, so a non-resident corporate member has a UK permanent establishment which carries on its business of underwriting at Lloyd바카라 사이트™s. All corporate members which are non-UK resident are therefore brought within the charge to corporation tax by ICTA88/S11.
The business of a corporate member is restricted by Lloyd바카라 사이트™s rules to that of underwriting 바카라 사이트˜insurance business at Lloyd바카라 사이트™s for its own account and directly ancillary activities바카라 사이트™. Ancillary activities may include reinsurance, and management of the investments in trust funds. Corporate members are often part of a group structure, and other group members may have other activities.
The tax rules explained in this section of the Lloyd바카라 사이트™s Manual apply equally to 바카라 사이트˜large corporates바카라 사이트™ (that is, companies that are members of major UK and foreign owned groups), and to the small 바카라 사이트˜one man바카라 사이트™ companies known as Namecos. In addition, the 바카라 사이트˜close company바카라 사이트™ tax rules usually also apply to Namecos. See LLM6050 for more on Namecos and the Company Taxation Manual CTM60000+ for more on close companies (see LLM10000).
Corporate members prepare and submit accounts to HMRC in the same way as any other company. The Large Business Service Financial Sector deals with the accounts of all corporate members, except Namecos which are dealt with by the Local Compliance Small and Medium Enterprises (SME) Team (Bradford).