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'.
- 2 Tom Cruise: Reporters banned from asking actor about Scientology
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Edward Heath 'raped 12 year-old boy at Mayfair flat'
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
Tom Cruise: Reporters banned from asking actor about Scientology
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
iJobs Money & Business
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
Up to 70k DOE: Guru Careers: We are seeking an experienced Financial Director ...