Namecos are taxable as corporate members under FA 1994
The first Namecos admitted to Lloyd's underwrote on the 1997 underwriting year. In most cases shares in the company will have been issued to the Name, who will be the principal shareholder, in consideration of cash and/or the transfer of the Name's syndicate capacity.
They are subject to the same accounting and regulatory regime as applies to larger corporate underwriters. For tax purposes, Namecos are corporate members of Lloyd's, subject to the FA 1994 rules explained in LLM4000 onwards.