Please note all future quarterly VAT information will only be available by the 10th working day after each quarter on lloyds.com under the Taxation ne ws section.
Premium figures
- VAT premium figures for the period from 1 January, 2002 to 31 March, 2002, were sent out at the beginning of April 2002 by the Xchanging Ins-sure Services Data and Information section. If you have not received the premium figures please contact the Data and Information section on +44 (0) 1634 392024.
- These should be used in determining the amount of input VAT that can be recovered by your agency when making VAT returns for the period ended 30 June, 2002.
- Following the revision of the Lloyd's VAT arrangements from 1 January, 2000, 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 June, 2002. For further information on the revised Lloyd's VAT arrangements please refer to 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
|
April 2002
|
1.46
|
2.29
|
1.62
|
2.71
|
187.12
|
15.50
|
2.36
|
May 2002
|
1.46
|
2.24
|
1.57
|
2.58
|
181.58
|
14.29
|
2.29
|
June 2002
|
1.52
|
2.32
|
1.54
|
2.72
|
182.70
|
15.72
|
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.
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) 1634 392024.
For any other queries regarding the market recovery rate please contact Horinder Sandhu from the Lloyd's Taxation Department on +44 (0)20 7327 5396.
Market bulletins:
