§ Lord Marlesfordasked Her Majesty's Government:
Whether they will give, on a constant price basis using the price index of gross domestic product at market prices (with reference to the July to September quarter for 1997), the net tax paid by, or repaid to, underwriting members of Lloyd's during each of the 15 tax years 1982–83 to 1996–97 and during the first six months of the tax year 1997–98.
§ Lord McIntosh of HaringeyThe following table shows, on the constant price basis requested, (a) the total tax charged on individuals as initial assessments, including estimated assessments, made during each tax year for underwriting profits and gains (b) the total of income tax and capital gains tax repaid to individual Lloyd's underwriters by the underwriters unit of Inland Revenue in each tax year, including any repayment supplement attracted by the tax refunded. The level of repayments in the last few years (1991–92 onwards) reflects insurance losses incurred at Lloyd's. The tax repaid was originally paid by the underwriters in earlier years on income and gains from either Lloyd's or non-Lloyd's sources.
163WA
Tax year Tax assessed at 1997 Q3 prices Tax repaid at 1997 Q3 prices 1982–83 182.8 46.1 1983–84 266.4 155.2 1984–85 265.1 150.4 1985–86 299.1 101.5 1986–87 323.9 254.5 1987–88 230.0 234.7 1988–89 222.4 223.0 1989–90 408.8 156.4 1990–91 284.2 113.3 1991–92 119.1 148.3 1992–93 11.6 434.4 1993–94 4.0 523.4 1994–95 9.6 403.8
Tax Year Tax assessed at 1997 Q3 Prices Tax repaid at 1997 Q3 prices 1995–96 4.0 211.1 1996–97 8.0 100.7 First six months 1997–98 0.3 61.8 All of the above figures relate to 1995–96 and earlier years' tax liability. Tax payable on 1996–97 Lloyd's profits is not due until 31 January 1998, and very little 1996–97 tax on Lloyd's income has therefore been collected or repaid in the first six months of 1997–98.