VAT information to all managing agents for the quarter ended 31 December, 2003.
Premium figures:
- VAT premium figures for the period from 1 September, 2003 to 31 December, 2003, were sent out at the end of December, 2003 by the Xchanging Ins-sure Services 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 December, 2003.
Please note that this is a change from previous quarters where VAT premium figures have been used on a quarterly in arrears basis.
- These figures should also be used by syndicates underwriting for the 2000 year of account onwards when making VAT returns for the period ended 31 December, 2003.
- 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 syndicate VAT accounting please refer to Market Bulletin Y3227 dated 23 December, 2003.
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 |
| October 2003 |
1.70
|
2.24
|
1.46
|
2.39
|
186.55
|
11.70
|
2.27
|
| November 2003 |
1.72
|
2.24
|
1.43
|
2.38
|
188.36
|
10.99
|
2.22
|
| December 2003 |
1.79
|
2.31
|
1.42
|
2.38
|
191.85
|
11.95
|
2.21
|
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 Ins-sure Services Data and Information section on +44 (0)1634 392024. For all other queries please contact Harinder Sandhu of Lloyd's Taxation Department on +44 (0)20 7327 5396.
Other information
Lloyd's market bulletins:
