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Lloyd's Underwriters: Tax Payments

Volume 590: debated on Monday 1 June 1998

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asked Her Majesty's Government:Whether they will give, on a constant price basis using the price index of the gross domestic product at market prices (with reference to the January to March quarter for 1998), the net tax paid by, or repaid to, underwriting members of Lloyd's during each of the 16 years 1982–83 to 1997–98. [HL1919]

The reply I gave on 2 December 1997 to an earlier question by the noble Lord (Official Report cols. 162–163) listed figures up to October 1997 on (a) tax charged on individuals as initial assessments for underwriting profits and gains and (b) income tax and capital gains tax repaid to individual Lloyd's underwriters by the underwriters unit of the Inland Revenue. These figures related to 1995–96 and earlier tax years.The introduction of self assessment for 1996–97 and later tax years means that it is not possible to provide figures on assessments and repayments made during the second half of 1997–98, or for later periods, relating to underwriting activities. Self assessment brings all sources of income together; there are no longer separate assessments on Lloyd's income. As a result it is not possible to strip out any meaningful figures for the amount of tax paid on income from Lloyd's, as opposed to tax paid on all sources of income taken together.