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Most non-syndicate expenditure is included in the profit/loss for the year. Enter the syndicate loss on this screen (profits are entered on the Lloyd's receipts screen). Enter details of any other outgoings not included in the profit/loss on this screen.
Stop loss premiums - enter the amount paid in the calendar year.
Bank guarantees/letter of credit fees - enter the amount of annual renewal fees paid. The initial cost of setting up these arrangements in not allowed as a deduction.
Aggregate syndicate losses - enter tax-adjusted syndicate losses from CTA 1 here. Profits are entered on a the receipts screen.
Lloyd's members association expenses - subscriptions to certain associations of Lloyd's are allowed as deductions. For example, the Association of Lloyd's Members. West Yorkshire PTU or the organiser of any association can tell you to what extent the subscriptions and associated expenses are allowable.
Personal quota share premiums - provided that the quota share contract is in accordance with the rules and practices of Lloyd's, any sum paid in the relevant period is allowed.
Estate protection plan payments - estate protection plan (EPP) payments are shown on CTA 2.
Interest on loans to fund underwriting - interest on loans to fund underwriting losses, Lloyd's deposits and reserves, stop loss premiums or other Lloyd's personal expenses will generally be allowed provided that the client receives taxable income from membership of Lloyd's. Interest on Finality bills is allowed. Interest on unfunded loses recharged by syndicate managing agents is allowed as a deduction from the results and should not be shown here.
Net transfer to Special Reserve Fund - enter net transfers to the SRF as shown on CTA 1. Withdrawals and releases from the SRF are entered on the receipts page.
Members' agent profit commission & salaries - members' agents profit commission and salaries are charged and paid at the distribution date following the close of an account. Managing agent's salaries relating to an account are included in the syndicate results and should not be shown here.
Accountancy fees - fees in relation to computing the taxable Lloyd's profits or losses is deductible. Planning such as IHT planning or other work is not deductible.
Other Lloyd's expenses - enter any other amounts not entered above. Put a description of the expense in the additional information box.
