Finance Bill 2012: Lloyd’s stop-loss insurance
Insurance premiums incurred by members of Lloyd’s of London insurance market can no longer be deducted before profits from the reinsured underwriting business are taxed, the government has announced.
The change, introduced on 6 December, will increase tax receipts by about £200m a year, HMRC said in a statement.
Stop-loss insurance is a type of re-insurance contract which can be used by members of Lloyd's to insure against exposure to risk. This is in addition to insurance taken out at Lloyd's syndicate level.
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