HC Deb 12 July 1989 vol 156 cc1032-3

Amendment made: No. 94, in page 27, line 36, at end insert— '(3A) This section shall not apply to emoluments of an office or employment held by a person who died before 6th April 1989.'.—[Mr. Norman Lamont.]

Mr. Norman Lamont

I beg to move amendment No. 95, in page 28, line 14, at end insert— '(8A) In the application of this section to emoluments of an office or employment under or with a person carrying on business as an authorised Lloyd's underwriting agent, the references in subsections (1)(d) and (5)(a) above to 6th April 1991 shall be construed as references to 6th April 1994. (8B) Subsection (8A) above shall not apply unless the duties of the office or employment relate wholly or mainly to the underwriting agency business. (8C) The reference in subsection (8A) above to an authorised Lloyd's underwriting agent is to a person permitted by the Council of Lloyd's to act as an underwriting agent at Lloyd's.'.

Madam Deputy Speaker

With this it will be convenient to discuss Government amendments Nos. 96 and 97.

Mr. Lamont

This amendment extends, in the case of employees and directors of Lloyd's underwriting agents, the time limit within which a claim for transitional relief must be made to prevent income earned before the introduction of the receipts basis being taxed twice—once when earned before 6 April 1989 and again when received after 5 April 1989. To take account of Lloyd's particular accounting arrangements, the time limit is extended by three years.

The amendment applies the transitional relief that applies to the introduction of the receipts basis to the special accounting requirements of Lloyd's. My hon. Friend the Member for Wanstead and Woodford (Mr. Arbuthnot), who is no longer present, asked about Lloyd's in Committee. His concern is the subject of a later amendment. This one deals purely with the transitional relief.

Amendment agreed to.

Amendment made: No. 96, in page 28, line 14, at end insert— '(8D) If in a particular case it appears to the Board reasonable to do so they may direct that subsections (1)(d) and (5)(a) above shall have effect in relation to that case as if for the references to 6th April 1991 or (as the case may be) 6th April 1994 there were substituted references to such later date as they may specify in the direction.'.—[Mr. Norman Lamont.]

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