§ Sir Nicholas BonsorTo ask the Chancellor of the Exchequer what proportion of indexed securities which fall within the provision of schedule 11 of the Finance Bill was purchased by Lloyd's Underwriters in 1986 and 1987 respectively.
§ Mr. Norman Lamont[holding answer 15 May 1989]: Schedule 11 of the Finance Bill does not apply to securities disposed of or redeemed before 14 March 1989 or to gilts issued before that date. On the information and advice currently available, the Inland Revenue are not aware of any indexed securities purchased by Lloyd's underwriters in 1986 and 1987 which are chargeable to income tax under the provisions of schedule 11.