Lloyd's - VAT arrangements at Lloyd's - Corporate members & Scottish Limited Partnerships - 2002 Quarter 3

Global market recovery rate

1. The global market recovery rate for the quarter ended 30 September, 2002 is 59.57%.
   
2. Corporate members and Scottish Limited Partnerships (SLPs) who are VAT registered on account of activities other than insurance underwriting may use the global market recovery rate where the number of syndicates on which they participate makes it difficult for them to calculate the composite recovery rate for those syndicates. Those corporate members and SLPs are therefore able to recover 59.57% of input VAT charged to them in connection with their underwriting business.
   
3. Corporate members and Scottish Limited Partnerships that solely participate on syndicates that write only EU business will not be permitted to use the global market recovery rate.
   

Other information:

• For further information please see market bulletins Y2158 and Y2507 below.
• If you have any queries regarding the global market recovery rate then please call Harinder Sandhu of the Lloyd's Taxation Department on +44 (0)20 7327 5396.

Market bulletins:

• Lloyd's VAT arrangements (Y2158) - 3 November, 1999
• Lloyd's VAT arrangements (Y2507) - 1 January, 2000