§ Mr. Cryer
To ask the Chancellor of the Exchequer what is the total estimated value of the tax changes provided in the Lloyd's Underwriters (Tax) (1989–90) Regulations 1992, SI 1992 No. 511 which came into force on 28 March; what consultations were held with which parties prior to laying the regulations on 6 March; and if he will make a statement.
§ Mr. Dorrell
The regulations involve no change in underwriters' tax liabilities or retrospective tax concessions. They renew for a further year the improved administrative arrangements, introduced last year, whereby the underwriter's agent is made responsible for accounting for tax due at the basic rate on the underwriter's profits. Before their introduction in 1991, these new arrangements were discussed with Lloyd's.