VAT arrangements at Lloyd's - managing agents - Quarter 4 2009
Mon 04 Jan 2010
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News item about VAT for all managing agents for the quarter ended 31 December 2009.
VAT information to all managing agents for the quarter ended 31 December 2009.
Premium figures:
VAT premium figures for the period from 1 October 2009 to 31 December 2009, were sent out at the beginning of January 2010 by the Xchanging 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 2009.
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 2009
|
1.65
|
1.78
|
1.12
|
1.82
|
149.21
|
12.90
|
1.69
|
November 2009
|
1.64
|
1.73
|
1.09
|
1.79
|
141.37
|
12.20
|
1.65
|
December 2009
|
1.61
|
1.69
|
1.13
|
1.80
|
150.34
|
11.89
|
1.67
|
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 European Union (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 Data and Information section on +44 (01634) 887835. For all other queries please contact Harinder Sandhu of Lloyd's Taxation Department on +44 (0)20 7327 5396.
Other information
Click here to view Lloyd's VAT arrangements
Market bulletins:
VAT : Managing agent returns (Y3285) - 5 April 2004 (12KB)
Syndicate VAT accounting: change to procedures (Y3227) - 23 December 2003 (67KB)
