§ Mr. ViggersTo ask the Chancellor of the Exchequer what assessment he has made of the timetable for the repayment of tax to individual taxpayers arising out of losses at Lloyd's of London.
§ Mr. DorrellThe Inland Revenue calculates that some 27,000 underwriting members of Lloyd's have suffered364W trading losses for the Lloyd's account year to 31 December 1989. These losses can be used for relief against other income for tax year 1989–90 and, in some circumstances, the previous year and repayment of tax paid on that income may be reclaimed.
The process of dealing with repayment claims for Lloyd's account 1989 started some four months earlier than for previous years, and out of some 26,500 claims received by 28 May, when the last count was made, more than 17,000—64 per cent.—have been repaid. At the same time last year, the comparative figures were 16,800 claims received, 6,900—41 per cent.—had been dealt with.
An interim payment will, if possible, be made in circumstances where Inland Revenue audit procedures may prevent immediate repayment in full.