PARLIAMENTARY EARLY DAY MOTION
TAX RELIEF FOR LLOYD'S NAMES (9 December 1992)

That this House, noting the public claim by the Chairman of Lloyd's of London, David Coleridge, that Lloyd's Names will receive in the 1993 Budget additional tax relief against losses comparable to that granted to companies under the Finance Act 1991, opposes such a change because, enjoying the status and the advantages of sole traders, Lloyd's Names are not equivalent to companies and that any attempt by the Government to grant them additional tax privileges will be seen, especially against the background of widespread insider dealing, financial mismanagement and fraud which has characterised the Lloyd's insurance market in recent years, as Government favouritism for an affluent section of the community whilst those on low incomes and benefits are consistently penalised and strictly regulated, while Lloyd's remains free from statutory regulation.

Sponsored by:
Lord Hain (Labour)