Lloyd's - VAT arrangements at Lloyd's - members' agents combined agents and Lloyd's advisors - 2002 Quarter 1

Global market rate

1. The global market rate for the quarter ended 31 March, 2002 is 59.89%.
   
2. 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.
   
3. Members that participate only 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.
   
4. Members' agents, and those Lloyd's advisors who negotiate syndicate participations can no longer use the global market recovery rate in respect of quarters beginning on or after 1 January, 2001. They may recover input VAT incurred in the quarter ended 31 March, 2002 based on the value of services supplied to the individual members.

Other information:

For further information on the Lloyd's VAT arrangements please see market bulletin Y2507 below.

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

Market bulletins:

Lloyd's VAT arrangements (Y2507) - 1 January, 2000