»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp 2004 Lloyd’s Accounts Regulations (LLM2030) require the production of underwriting year accounts. »Ê¹ÚÌåÓýappse are prepared on an underwriting year basis and are therefore in much the same format as those prepared under the previous three-year accounting system. »Ê¹ÚÌåÓýapp underwriting year accounts remain the basis of the syndicate’s tax computations, as they were under traditional three-year accounting. LLM2210 gives an example of underwriting year accounts from 2005 onwards.

»Ê¹ÚÌåÓýapp profit or loss of the syndicate underwriting year is declared by the managing agent in April/May of the underwriting year following the closing year. »Ê¹ÚÌåÓýapp profit or loss of a Lloyd’s underwriter is that declared in the underwriting year. »Ê¹ÚÌåÓýapp declaration basis (LLM4060 and LLM5290) is unaffected by the move from three-year accounting to annual accounting.

LLM2090 onwards explains the tax treatment of certain items in syndicate accounts.