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 Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
- 2 Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
- 3 Zayn Malik already working on solo material, just days after quitting One Direction
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Andreas Guenter Lubitz intentionally crashed flight 9525 into the Alps in act of mass murder and suicide – latest
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...