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Final tax year

Payments of foreign tax made after the end of the calendar year corresponding to theName鈥檚 final tax year as a member of Lloyd鈥檚 are included in the Lloyd鈥檚foreign tax pool for the final year, and relieved in the same way as the rest of thatyear鈥檚 pool. This is because the allocation rules in regulations 4 to 7 SI1997/405will generally allocate that foreign tax to a tax year prior to cessation.

Refunds received after the final year

Refunds of foreign tax may be received after the end of the calendar year correspondingto a Name鈥檚 final tax year. These will be treated either as refunds received in thefinal tax year, or as post cessation receipts of the year in which they are received,depending on how double taxation relief was originally given.

Relief originally given by deduction

Where relief was originally given by deduction, the refund is taxed under the postcessation receipts legislation, at Part 2 Chapter 18 ITTOIA. This means that any refundwill be taxed as income not otherwise charged, the former Case VI, chargeable for the yearin which it is received, and any expenses which are allowable can be set against thereceipt. This applies with effect from 1999-2000, and is a consequence of theRevenue鈥檚 change of view on the treatment of post cessation receipts for Lloyd鈥檚members (see LLM5360).

Relief given as tax credit

Where the relief was originally given by credit against UK tax on Lloyd鈥檚 profits,the refund is added to the tax chargeable on the Lloyd鈥檚 profits of the final year(regulation 9(4)(a) SI1997/405). This means that the final year may need to be re-opened.ICTA88/S806 extends time limits for assessments when adjustments have been made to taxcredit relief. A period of six years is allowed from the time when all necessaryadjustments, assessments, etc were made which allowed the amount of tax credit relief (ifany) to be given.