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»Ê¹ÚÌåÓýapp FA00/S107 rules applied to the technical provisions made in periods of account beginning on or after 1 January 2000. »Ê¹ÚÌåÓýapp first period of account in which adjustments were made under the GI reserves tax Regulations was the first to begin on or after 1 January 2001, that is, the calendar year 2001.

For Lloyd’s members, FA00/S107 (7) tied ’periods of accountâ€� to the year in which profits were declared. »Ê¹ÚÌåÓýapp first RITC premium to which the rules applied was for the 1997 year of account declared in 2000.

»Ê¹ÚÌåÓýapp first RITC premium in respect of which adjustments could be made was that paid by 1998 syndicates (or run-off syndicates) declaring in 2001, by comparison with the RITC premium paid for the 1997 period of account.

»Ê¹ÚÌåÓýapp last period of account for which adjustments were made was that which affected profits for any period ending on or after 19 July 2007 (FA07/SCH11/PARA5), which under the declaration basis means 2007. That affects 2004 syndicates (or run-off syndicates) declaring in 2007. In addition, a limited transitional relief applied to enable RITC or technical provisions to be disclaimed for periods beginning on or after that date, which affects syndicates declaring in 2008. »Ê¹ÚÌåÓýappre is more about the transitional relief at GIM6180.