Commentary

I8.374 Lloyd's underwriters

IHT, trusts and estates

I8.374 Lloyd's underwriters

I8.374 Lloyd's underwriters

The valuation at death of a deceased Name's interests at Lloyd's is carried out on one of two bases.

HMRC regard the correct method of valuation as one using the Lloyd's audit results at the end of the calendar year immediately before the death1. As an alternative, the executors may elect for valuation on the actual basis, whereby tax is paid on a valuation involving the actual results of the underwriting years of account that are unclosed at death. In either case a discount is allowed to compensate for the delay in receipt2. The valuation of the open

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