HR 13Lloyd’s of London: life insurance

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.

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.

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

4. 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
5. 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.

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