Government will discuss fund for insurers' disaster losses
Tuesday 13 July 1993
He was speaking during the report stage debate on the Budget-enacting Finance Bill, which includes measures to set up such a system for Lloyd's.
'We are not bringing forward these proposals in response to short-term considerations at Lloyd's and we are certainly not bringing them forward motivated by a desire to create a tax shelter,' Mr Dorrell said.
'To talk about this package as a great tax break for Lloyd's names simply does not agree with the facts.'
Alistair Darling, for Labour, welcomed government changes to the Bill which, he said, would prevent the Lloyd's reserve fund from being used as a tax shelter by its investors.
The names should not be discriminated against, but neither should they be given unduly favourable treatment, he said. Many Tory MPs were unable to look objectively at the City or Lloyd's 'because so many of them have a vested interest with their wealth tied up there - and that is a thoroughly intolerable situation'.
The Government's own judgement was impaired because 'at least four members of the Cabinet are also Lloyd's names'.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to be published
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...