HC Deb 31 March 1993 vol 222 cc229-30W
Mr. Adley

To ask the Chancellor of the Exchequer what effect the changes in tax treatment for Lloyd's invested premium, set out in his Budget, will have for names currently benefiting from capital gains tax indexation allowances under current arrangements.

Mr. Dorrell

Under my right hon. Friend the Chancellor's proposals gains and losses on assets held by Lloyd's names in a premiums trust fund will be brought within the computation of trading profits chargeable to income tax. Capital gains tax treatment, including the availability of indexation allowances, will therefore no longer apply.

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