VAT information to all managing agents
- VAT premium figures for the period from 1 October, 2001 to 31 December, 2001, were sent out at the beginning of January 2002 by the Xchanging Ins-sure Services Data and Information section. If you have not received the premium figures please contact the Data and Information section on +44 (0)1634 392024.
- These should be used in determining the amount of input VAT that can be recovered by your agency when making VAT returns for the period ended 31 March, 2002.
- Following the revision of the Lloyd's VAT arrangements from 1 January, 2000, these figures should also be used by syndicates underwriting for the 2000 year of account onwards when making VAT returns for the period ended 31 December, 2001. For further information on the revised Lloyd's VAT arrangements please refer to market bulletins Y2158 and Y2507 below.
Reverse charge on imported services
The rates of exchange to be used to convert claims into sterling for the purposes of the imported service charge are as follows:
Month
|
US$
|
CAN$
|
EURO
|
AUS$
|
J Yen
|
SA Rand
|
Swiss F
|
January 2002
|
1.41
|
2.25
|
1.64
|
2.79
|
189.06
|
16.14
|
2.42
|
February 2002
|
1.41
|
2.27
|
1.64
|
2.74
|
189.28
|
16.16
|
2.40
|
March 2002
|
1.42
|
2.27
|
1.63
|
2.67
|
188.73 |
16.18
|
2.39
|
VAT incurred on claims from services supplied from within the UK
Syndicates and managing agents can only recover UK VAT if it arises on a supply that has been made to an underwriter and the policyholder belongs outside the EU. Managing agents and syndicates are reminded to ensure that Box 20 of the LCCF is completed correctly.
Other information:
If you have any queries regarding the VAT premium figures report then please contact the Xchanging Ins-sure Services Data and Information section on +44 (0)1634 392024.
If you have any queries please contact Harinder Sandhu in the Lloyd's Taxation Department on +44 (0)20 7327 5396.
Market bulletins:
