Lloyd’s of London: life insurance

Heading: inserted, on 29 March 2018 (with effect on 1 April 2017 applying in relation to a life insurance premium that is derived on or after that date by Lloyd’s of London), by section 138(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).

HR 13 Lloyd’s of London: life insurance
What this section applies to

(1)

This section applies for the purposes of the obligations imposed by section BB 2 (Main obligations) on underwriters of Lloyd’s of London who derive income (premium income) under section CR 3B (Lloyd’s of London: income from life insurance premiums) in an income year in relation to that income.

Lloyd’s of London single person

(2)

All underwriters of Lloyd’s of London who derive premium income in the income year are treated as if they were a notional single person, and are jointly and severally liable for meeting the obligations of the notional single person for the income year.

Taxable income and return of income

(3)

Subject to section HD 17B (Lloyd’s of London: agents for life insurance), the underwriters of Lloyd’s of London must—

(a)

calculate the taxable income that relates to the premium income for the notional single person described in subsection (2) for the corresponding tax year; and

(b)

for that tax year, provide a joint return of income and satisfy the income tax liability that relates to the premium income for the notional single person.

Underwriters of Lloyd’s of London

(4)

In this section, underwriters of Lloyd’s of London has the same meaning as Lloyd’s of London.

Defined in this Act: income, income tax liability, income year, Lloyd’s of London, New Zealand, return of income, tax year, taxable income

Section HR 13: inserted, on 29 March 2018 (with effect on 1 April 2017 and applying in relation to a life insurance premium that is derived on or after that date by Lloyd’s of London), by section 138(1) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).