VAT arrangements at Lloyd's - Corporate members & Scottish Limited Partnerships - 2002 Quarter 4 

Global market recovery rate

  1. The global market recovery rate for the quarter ended 31 December, 2002 is 59.89%.
  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 59.89% of input VAT charged to them in connection with their underwriting business.
  3. The global market rate for the annual adjustment for the year ended 31 December, 2002 is 60.19%, subject to agreement with your local VAT Office regarding other supplies made by you.
  4. 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.
  5. For further information please refer to Market Bulletins Y2158 and Y2507 below.

Other information

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.

Lloyd's market bulletins:

Last updated on 05 Jan 2007