VAT information to all managing agents for the quarter ended 31 March 2006.
Premium figures:
- VAT premium figures for the period from 1 January 2006 to 31 March 2006, were sent out at the beginning of April 2006 by the Xchanging 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 31 March 2006.
- These figures should also be used by syndicates underwriting for the 2000 year of account onwards when preparing VAT returns for the period ended 31 March 2006.
- For further information on the Lloyd's VAT arrangements please refer to Market Bulletins Y2158 dated 3 November, 1999 and Y2507 dated 28 March 2001.
- For further information on the change in VAT accounting for syndicates and managing agents please refer to Market Bulletins Y3227 dated 23 December 2003 and Y3285 dated 5 April, 2004 respectively .
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 2006
|
1.78
|
2.03
|
1.46
|
2.35
|
208.07
|
10.82
|
2.28
|
February 2006
|
1.75
|
1.99
|
1.47
|
2.36
|
202.84
|
10.80
|
2.30
|
March 2006
|
1.73
|
2.02
|
1.43
|
2.43
|
204.66
|
10.69
|
2.27
|
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.
If you have any queries regarding the VAT premium figures report then please contact the Xchanging Data and Information section on +44 (0)1634 392024. For all other queries please contact Nick Marman of Lloyd's Taxation Department on +44 (0)20 7327 6727.
Other information
Market bulletins:
