28 MARCH 1992, Page 26

Back into haven

WHEN Nigel Lawson cut the top rate of income tax to 40 pei cent, Murray Lawrence, as chairman of Lloyd's, warned that times had changed. You may have thought that you joined a tax haven, so he told his members, but you are now in the insurance business. They were pitched into that business just as it collapsed. John Smith's penal tax rates might just get them back into haven.