Lloyd’s underwriters

Use this section to complete the Lloyd’s underwriters form (Form SA103L).

UK interest from personal funds

  • Untaxed UK interest – amount received‘ Enter the amount of gross interest received.
  • Profits from Accrued Income Scheme and deeply discounted securities’ Enter net AIS profits and income from deeply discounted securities.
  • ‘Interest from UK unit trusts and other UK savings and investments, after tax taken off’ Enter the amount of interest received net.
  • Tax taken off‘ Enter the tax taken off the interest.
  • Total UK interest and tax taken off’ This field will show the total interest and tax taken off.

UK dividends from personal funds

  • Stock dividends from UK companies – amount received’ Enter the stock dividends received.
  • ‘Bonus issues of securities and redeemable shares’
  • Other dividends and distributions from UK companies’ Enter the amount of UK dividends received.
  • Total UK company dividends and distributions’ This field will show the total taxable dividends.

Foreign income from personal funds

  • Non-UK interest and other foreign sources income received’ Enter the gross amount of foreign interest received.
  • ‘Foreign tax taken off‘ Enter any foreign tax taken off the foreign interest.
  • UK tax taken off’ Enter any UK tax withheld from foreign interest.
  • Foreign dividends including tax credit’ Enter the total amount of foreign dividends received, including any tax credit.
  • ‘Foreign tax taken off’ Enter the foreign tax taken off foreign dividends.
  • UK tax taken off‘ Enter any UK tax withheld from foreign dividends.
  • Total non-UK income’ This field will display the total foreign income received.

Other Lloyd’s receipts

  • Aggregate syndicate profits‘ Enter aggregate syndicate profits.
  • Net withdrawal/release from Special Reserve Fund’ Enter the value of SRF withdrawals for the year.
  • Stop loss recoveries‘ Enter the value of stop loss recoveries.
  • Compensation receipts’ Enter any compensation receipts for the tax year.
  • Repayments of foreign tax previously allowed by deduction‘ Enter any repayments of foreign tax that was allowed by deduction in an earlier tax year.
  • Other Lloyd’s non-syndicate income’ Enter the total of any other Lloyd’s non-syndicate income.
  • ‘Total other Lloyd’s receipts’ This field will display to total amount of other Lloyd’s receipts.

Lloyd’s losses and expenses

  • Aggregate syndicate losses’ Enter aggregate syndicate losses.
  • Net transfer to Special Reserve Fund’ Enter the net transfer to the SRF.
  • Stop loss premiums paid’ Enter the total amount of Stop loss premiums paid in the year.
  • Personal Quota Share and Exeat premiums paid‘ Enter the PQS and Exeat premiums paid in the year.
  • Estate protection plan premiums paid‘ Enter the total of any EPP premiums paid.
  • ‘Interest paid on loans to fund underwriting‘ Enter the amount of interest paid in the year on loans to fund underwriting activities.
  • Lloyd’s Members’ associations expenses paid‘ Enter the total Lloyd’s Members expenses paid in the year.
  • Members’ Agent profit commission and salaries’ Enter the total of any agent commission, salaries etc. paid in the year.
  • Fees for bank guarantees and letters of credit’ Enter the total of fees paid for bank guarantees etc. in the year.
  • Accountancy fees‘ Enter the total allowable accountancy fees for the year.
  • Other Lloyd’s expenses‘ Enter any other allowable Lloyd’s expenses.
  • Total losses and expenses‘ This field will display the total losses and expenses for the year.

Lloyd’s foreign tax

  • Foreign tax on personal fund income’ Enter the total of foreign tax paid on personal fund income.
  • US income tax paid’ Enter the total of US income tax paid.
  • ‘Canadian tax paid’ Enter the total of Canadian tax paid.
  • ‘Syndicate foreign tax’ Enter the total syndicate foreign tax.
  • ‘Additional payments of foreign tax’ Enter any additional payments of foreign tax.
  • Total foreign tax’ This field will display the total foreign tax entered in this section.
  • Claim foreign tax by credit?’ Tick the box to claim foreign tax credit relief.
  • Any repayment of foreign tax on which FTCR was given‘ Enter any required repayment of foreign tax on which foreign tax credit relief was originally claimed.

Calculating Lloyd’s taxable profits or allowable losses

  • Amount of profit’ This field will show the total Lloyd’s profits for the year, before losses.
  • Losses brought forward‘ Enter the value of any losses brought forward from prior years.
  • Losses used against this year’s profits‘ Enter the amount of losses used against the profits of the current year.
  • ‘Total taxable profits from Lloyd’s’ This field shows the total taxable profit from Lloyd’s after losses.

Losses to carry forward

  • ‘Total loss available to carry forward’ This field will show the unused losses that can be carried forward to future years.

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

Using income losses against capital gains

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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