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News
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End of three year accounting
Proposals for the implementation of the Modernisation of Accounts Directive for Lloyd's of London have been published by the Treasury.
Once the directive is implemented, with effect from accounting year ending 31 December 2005, Lloyd's syndicate accounts will be prepared on an annual accounting basis in line with other insurance undertakings, as opposed to their current basis of a cumulative basis for three years at a time.
News
Other news
End of three year accounting
Proposals for the implementation of the Modernisation of Accounts Directive for Lloyd's of London have been published by the Treasury.
Once the directive is implemented, with effect from accounting year ending 31 December 2005, Lloyd's syndicate accounts will be prepared on an annual accounting basis in line with other insurance undertakings, as opposed to their current basis of a cumulative basis for three years at a time.
The consultation document 'Implementation of the European Union Directive 2003/51/EC for Lloyd's (Amending Directive 1991/674/EEC Insurance Undertaking — Annual and Consolidated Accounts)' is accessible on the HM Treasury website, www.hm-treasury.gov.uk. Printed copies are available from: Simon Cubley, Capital Markets and Governance Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.
Responses should be sent to the same address, or e-mailed to Simon.Cubley@hm-treasury.gsi. gov.uk, by 27 October 2004.
(HM Treasury press release dated 6 August 2004.)
Tax appeal guidance
A new booklet, Tax Appeals — A Guide, from the Department for Constitutional Affairs' offers guidance on how to appeal against decisions on tax, National Insurance and other related matters.
The booklet covers the processes for taxpayers taking appeals to independent tribunals, giving them advice about preparation for a hearing and what happens during and after the hearing. It replaces the old Inland Revenue leaflet, and makes clear that the tribunals are independent from the Revenue.
The booklet is on the website of the Court Service at www.courtservice. gov.uk/tribunals/gcit/index.htm. Copies are also available from local Revenue offices and on the Revenue website, www.inlandrevenue.gov.uk/leaflets/tax-appeals.pdf.
The leaflet does not apply to tax credit recipients whose appeals are heard by the Appeals Service.
(Department for Constitutional Affairs press release dated 22 July 2004.)
