§ Lord Marlesford
asked Her Majesty's Government:
Whether they will give their best estimates of the net tax collected or the net tax repaid in respect of profits or losses made by the underwriting members of Lloyd's for each of the years from 1977–78 to 1993–94 inclusive.
§ The Parliamentary Under-Secretary of State, Department of Employment (Lord Henley)
The available information for 1977–78 to 1992–93 was given in my noble friend Lord Caithness's reply to my noble friend on 10 June 1993(Official Report, cols. WA 62–64.) The total tax charged on initial assessments, including estimated assessments, made during the year to 5 April 1994 on underwriting profits and gains was £3.7 million. The total repaid to underwriters by the underwriters unit in the same year was £479.1 million (this covers refunds of tax paid over the range of earlier years and includes any repayment supplement attracted by the tax refund). This figure relates partly to losses for the 1989 year of account, when Lloyd's announced a total loss of £2.1 billion, and partly to losses for the 1990 year of account, when gross Lloyd's losses were £2.9 billion.