Please note all future quarterly VAT information will only be available by the 10th working day after each quarter on this site at www.lloyds.com/taxation under the 'News' section.
Global Market recovery rate
- The global market recovery rate for the quarter ended 30 June 2002 is 56.81%.
- Corporate members and Scottish Limited Partnerships who are VAT registered on account of activities other than insurance underwriting may use the global market recovery rate where the number of syndicates on which they participate makes it difficult for them to calculate the composite recovery rate for those syndicates. Those corporate members and SLPs are therefore able to recover 56.81% of input VAT charged to them in connection with their underwriting business. However, Corporate members and Scottish Limited Partnerships that only participate on syndicates that write only EU business will not be permitted to use the global market recovery rate.
- For further information please refer to market bulletins Y2158 and Y2507 below.
Other information:
If you have any queries regarding the Market recovery rate please contact Horinder Sandhu from the Lloyd's Taxation Department on +44 (0)20 7327 5396.
Market bulletins:
