Lloyd's - VAT arrangements at Lloyd's - members' agents combined agents and Lloyd's advisors - Quarter 4 2000

Global market recovery rate

1. The global market recovery rate for the quarter ended 31 December, 2000 is 60.53%.
2. As advised in Market Bulletins Y2166 and Y2246 below, members' agents, and those Lloyd's advisors who negotiate syndicate participations, may continue to use the global market recovery rate for 2000 to recover input VAT. Members' agents and qualifying Lloyd's advisors are therefore able to recover 60.53% of input VAT charged to them during the quarter subject to agreement with their Local VAT Office regarding other supplies made by them.
3. However, members' agents or Lloyd's advisors that only advise members that only participate on syndicates that write only EU business will not be permitted to use the global market recovery rate.
4. Natural names and corporate members who are VAT registered by virtue of business activities other than underwriting at Lloyd's, may also use the global market recovery rate to recover input tax arising from their Lloyd's underwriting activities.
5. The global market recovery rate for the annual adjustment for the year ended 31 December, 2000 is 55.93%, subject to agreement with your local VAT Office regarding other supplies made by you.

Other information:

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

Market bulletins:

• VAT on members' agents services (Y2166) - 11 November, 1999
• Recovery of input tax by members' agents (Y2246) - 22 February, 2000