HL Deb 20 April 1995 vol 563 cc59-60WA
Lord Marlesford

asked Her Majesty's Government:

Whether they will give their best estimates of the net tax repaid in respect of profits or losses made by underwriting members of Lloyd's for each of the years from 1977–78 to 1994–95 inclusive, indicating in respect of each tax year the total number of taxpayers from whom and to whom, respectively, the tax was collected or repayment was made.

Lord Mackay of Ardbrecknish

The available information for 1977–78 to 1992–93 on the amounts of initial assessments and repayments was given by my noble friend the Earl of Caithness in his reply on 10 June 1993 (Official Report, cols. WA62–64) and the information for 1993–94 was provided by my noble friend Lord Henley on 29 June 1994 (Official Report, col. WA46).

The total tax charged on initial assessments, including estimated assessments, made during the year to 5 April 1995 on underwriting profits and gains was £8.9 million. The total of income tax and capital gains tax repaid to Lloyd's underwriters by the underwriters unit of Inland Revenue in the same year was £375.4 million. This relates partly to losses for the 1990 year of account, when Lloyd's announced a total loss of £2.9 billion, and partly to losses for the 1991 year of account, when Lloyd's total loss was £2.0 billion. It also includes any repayment supplement attracted by the tax refunded.

It is estimated that the numbers of Lloyd's names for whom initial assessments have been raised in recent years are as follows:

under the Act were always planned as an integral part of the child support scheme as it was recognised that people would need time to adjust to higher levels of maintenance, and benefit savings estimates took account of this. There was therefore no cost to the Exchequer.