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Lloyd's Underwriters: Tax Payments And Refunds

Volume 571: debated on Wednesday 17 April 1996

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asked 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 1995), the net tax paid or repaid to underwriting members of Lloyd's during each of the 14 tax years 1982–83 to 1995–96.

The following table shows, on the constant price basis requested, (a) the total tax charged on initial assessments, including estimated assessments, made during each tax year on underwriting profits and gains and (b) the total of income tax and capital gains tax repaid to 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.

£ million
Tax yearTax assessed at 1995 Q4 pricesTax repaid at 1995 Q4 prices
1982–83174.444.0
1983–84254.2148.1
1984–85252.9143.5
1985–86285.496.9
1986–87309.1242.9
1987–88219.5223.9
1988–89212.2212.7
1989–90390.1149.3
1990–91271.1108.1
1991–92113.9141.7
1992–93111415.5
1993–943.9500.7
1994–959.1385.0
1995–9613.9201.9
1 6th April 1995 to 31st March 1996.