The Lloyd's Underwriters (Transitional Equalisation Reserves) (Tax) Regulations, SI 2015/1983, which come into force on 1 January 2016, will enable equalisation reserves held by corporate and partnership members of Lloyd’s to be brought into account and taxed over a six-year transitional period. This reflects the removal of the regulatory requirement for general insurance companies to maintain equalisation reserves under the new Solvency II Directive, due to be implemented in January 2016. HMRC consulted on a draft of the regulations between February and April 2012.
The Lloyd's Underwriters (Transitional Equalisation Reserves) (Tax) Regulations, SI 2015/1983, which come into force on 1 January 2016, will enable equalisation reserves held by corporate and partnership members of Lloyd’s to be brought into account and taxed over a six-year transitional period. This reflects the removal of the regulatory requirement for general insurance companies to maintain equalisation reserves under the new Solvency II Directive, due to be implemented in January 2016. HMRC consulted on a draft of the regulations between February and April 2012.
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