»Ê¹ÚÌåÓýapp

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»Ê¹ÚÌåÓýapp Corporation of Lloyds is not an insurer. Lloyds is an insurance marketplace within which insurers operate. »Ê¹ÚÌåÓýapp insurers are members of Lloyds otherwise known as “namesâ€�.

“Namesâ€� traditionally have been individuals, however since 1994 Limited Companies known as “corporate namesâ€�, entered the market. »Ê¹ÚÌåÓýapp “namesâ€� organise into syndicates to provide insurance cover.

A “name� is an individual who, or a limited company that, pledges capital to back-up their underwriting activities. Corporate syndicates are exclusively syndicates whose members are corporate “names�.

Lloyds syndicates are unincorporated associations.

»Ê¹ÚÌåÓýapp syndicate registers for IPT, not the “namesâ€�, but the “namesâ€� are jointly and severally liable for tax due from the syndicate.

Generally, Lloyds syndicates subscribe to a scheme where Lloyds prepare and submit a consolidated IPT return. Lloyds motor insurance syndicates register for IPT in their own right.

Legislation

Regulation 9 (1) and (2) of the Insurance Premium Tax Regulations 1994, provide:

�9(1) Anything required to be done by or under the Act (whether by these Regulations or otherwise) by or on behalf of a syndicate of underwriting members of Lloyds shall be the joint and several responsibility of the persons mentioned in paragraph (2) below; but if it is done by any of those persons it shall be sufficient compliance with any such requirement.

(2) »Ê¹ÚÌåÓýapp persons are-

(a) the underwriting members of the syndicate;

(b) the managing agent of the syndicate; and

(c) as regards any accounting period for which it is required by paragraph (3) below to act as the syndicate’s representative, Lloyds.�