Premium figures
- VAT premium figures for the period from 1 April, 2002 to 30 June, 2002, were sent out at the beginning of July 2002 by the Xchanging Ins-sure Services Data and Information section. These should be used in determining the amount of input VAT that can be recovered by each Agency when making VAT returns for the period ended 30 September, 2002.
- These figures should also be used by syndicates underwriting for the 2000 year of account onwards when making VAT returns for the period ended 30 September, 2002. For further information on the Lloyd's VAT arrangements please see 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 |
| July 2002 |
1.56 |
2.47 |
1.59 |
2.87 |
187.08 |
15.99 |
2.32 |
| August 2002 |
1.55 |
2.41 |
1.58 |
2.81 |
183.41 |
16.26 |
2.32 |
| September 2002 |
1.57 |
2.49 |
1.59 |
2.89 |
191.45 |
16.58 |
2.32 |
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)20 7327 2024.
- For all other queries please contact Harinder Sandhu of the Taxation Department on +44 (0)20 7327 5396.
Market bulletins:
