LLM5350 - Names: basis of assessment: death: example
A Name who has been underwriting since 1 January 1980 dies in July 2006. Lloyd鈥檚 losses of 拢40,000 remain unused after offset against Lloyd鈥檚 2005-06 profits. Other income for 2005-06 was 拢25,000. Lloyd鈥檚 losses for 2006-07 are 拢13,000 and for 2007-08 Lloyd鈥檚 profits are 拢35,000.
Loss reliefs can be claimed as follows:
| Year | - | 拢 | 拢 |
|---|---|---|---|
| 2005-06 | Other income | - | 25000 |
| - | Less Lloyd鈥檚 2006-07 losses (s380(1)(b) ICTA) | - | 13000 |
| Death | - | - | - |
| 2006-07 | Lloyd鈥檚 profits | - | 35000 |
| - | Less Lloyd鈥檚 losses b/f (s385 ICTA) | - | 35000 |
| - | Lloyd鈥檚 losses b/f | 40000 | - |
| - | Less used 2006-07 | (35000) | - |
| - | Lloyd鈥檚 losses to c/f | 5000 | - |