§ 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 (using the October to December quarter for 1996) the net tax paid by, or repaid to, underwriting members of Lloyd's during each of the 14 tax years 1982–1983 to 1995–96 and during the first 11 months of the tax year 1996–97.
§ Lord Mackay of ArdbrecknishThe 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 and (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 tax62WA repaid was originally paid by the underwriters in earlier years on income and gains from either Lloyd's or non-Lloyd's underwriters in earlier years on income and gains from either Lloyd's or non-Lloyd's sources.
£ million Tax year Tax assessed at 1996 Q4 prices Tax repaid at 1996 Q4 prices 1982–83 180.3 45.5 1983–84 262.8 153.1 1984–85 261.5 148.4 1985–86 295.1 100.1 1986–87 319.6 251.1 1987–88 226.9 231.5 1988–89 219.4 220.0 1989–90 403.3 154.3 1990–91 280.4 111.8 1991–92 117.5 146.3 1992–93 11.4 428.5 1993–94 4.0 516.4 1994–95 9.4 397.4 1995–96 4.0 207.9 First eleven months of 1996–97 7.3 80.1