Global market rate
- The global market rate for the quarter ended 31 December, 2002 is 59.89%.
- Members who are VAT registered by virtue of business activities other than underwriting at Lloyd's may use the global market recovery rate to recover input tax arising from their Lloyd's underwriting activities subject to agreement with Customs and Excise.
- Members that participate solely on syndicates which write only EU business will not be permitted to use the global market rate or recover input tax in relation to these supplies.
Members' agents rate
- The Member's Agents Rate for the year ended 31 December, 2001 is 62.57%.
- Members' agents and those Lloyd's advisors who negotiate syndicate participations must use the Members' agents rate for the year ended 31 December, 2001 to determine input tax recovery for the quarter ended 31 December, 2002.
- The actual recovery rate for the year ended 31 December, 2002 will be advised in April 2003 and must be used to determine to the annual adjustment for that year. The annual adjustment for 2002 is to be declared in the VAT return for the quarter ended 31 March, 2003.
Other information:
For further information on the Lloyd's VAT Arrangements please refer to Market Bulletin Y2507 below.
If you have any queries regarding the above then please call Harinder Sandhu of the Lloyd's Taxation Department on +44 (0)20 7327 5396.
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