Chapter LLM5140
| Published date | 10 April 2016 |
| Record Number | LLM5140 |
| Court | HM Revenue & Customs |
Compensation arising from any legal action connected with or arising from membership of Lloyd’s is taxable trading income year of the tax year corresponding to the calendar year of receipt, regardless of the underwriting account that gave rise to the action.
Compensation covers amounts awarded as damages as a result of court action, recoveries of legal costs arising from litigation in connection with membership of Lloyd’s and any sums paid in out of court settlements. The 1996 House of Lords’...
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