LLM5450 - Names: non-trade income connected with membership of Lloyd바카라 사이트™s
Although the business of acting as a member of Lloyd바카라 사이트™s is for tax purposes the carrying on of a trade, there are some instances where members receive income connected with membership of Lloyd바카라 사이트™s that is taxable otherwise than as trading income.
Examples are cases where Names who were committee members of Names바카라 사이트™ Action Groups received payments from the Group after the acceptance of the Settlement Offer, or when employers provide assistance to 바카라 사이트˜sponsored바카라 사이트™ Names.
Officers of Names바카라 사이트™ Action Groups
A position on the committee of a Names바카라 사이트™ Action Group is generally an office for the purposes of the Income Tax (Earnings and Pensions) Act 2003. Any amounts paid to a committee member in recognition of services undertaken in that capacity are chargeable as income from employment, and the Group should operate PAYE on payment. Amounts paid to committee members do not arise from the trade of underwriting, and cannot be set against trading losses.
바카라 사이트˜Sponsored바카라 사이트™ Names
In some cases, the active underwriter on a syndicate is 바카라 사이트˜sponsored바카라 사이트™ by the managing agent that employs him. The managing agent may make an interest free loan to the Name, or guarantee an interest free loan made by a third party. In both cases, there will be a taxable benefit in kind. The taxable benefit is calculated as set out in Part 3 Chapter 7 of ITEPA03.