Lloyd's - VAT arrangements at Lloyd's - Corporate members and Scottish Limited Partnerships - Quarter 4 2000

Global market recovery rate

1. The global market recovery rate for the quarter ended 31 December 2000 is 60.53%.
2. Corporate members and Scottish Limited Partnerships (SLP) 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 60.53% of input VAT charged to them in connection with their underwriting business. However, Corporate members and Scottish Limited Partnerships that only participate on syndicates that write only EU business will not be permitted to use the Global Market recovery rate.
3. For further information please refer to Market Bulletin Y2158 dated 3 November 1999.
4. The global market recovery rate for the annual adjustment for the year ended 31 December 2000 is 55.93%, subject to agreement with your local VAT Office regarding other supplies made by you.

If you have any queries regarding the Market recovery rate then please contact Harinder Sandhu in Lloyd's Taxation Department on +44 (0)20 7327 5396.