Commentary

V18.138 Representation of Lloyd's syndicates

Part V18 Insurance Premium Tax

V18.138 Representation of Lloyd's syndicates

V18.138 Representation of Lloyd's syndicates

Special arrangements have been made to accommodate the working practices of Lloyd's. Anything which is required to be done for the purposes of the tax by or on behalf of a syndicate of underwriting members of Lloyd's shall be the joint and several responsibility of the following1:

  1.  

    •     the underwriting members of the syndicate

  2.  

    •     the managing agent of the syndicate

  3.  

    •     if an election has been made, the Corporation of Lloyd's2

A syndicate can elect that the Corporation of Lloyd's should act as its representative and include it in the central return which it makes

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