VAT information to all managing agents for the quarter ended 30 June 2007.

Premium figures:

  1. VAT premium figures for the period from 1 April 2007 to 30 June 2007, were sent out at the beginning of July 2007 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 30 June 2007.
  2. These figures should also be used by syndicates underwriting for the 2000 year of account onwards when preparing VAT returns for the period ended 30 June 2007.
  3. For further information on the Lloyd's VAT arrangements please refer to Market Bulletin Y2507 dated 28 March 2001.
  4. For further information on the change in VAT accounting for syndicates and managing agents please refer to Market Bulletins Y3227 dated 23 December 2003 and Y3285 dated 5 April, 2004 respectively .

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 2007
2.00 
2.21
1.47
2.40
238.99 
14.07
2.41
May 2007
1.98
2.11
1.47
2.39
240.96
14.08
2.42
June 2007
2.01
2.13
1.49
2.36
247.77
14.15
2.46


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 Nick Marman of Lloyd's Taxation Department on +44 (0)20 7327 6727.

Other information

Market bulletins:

VAT : Managing agent returns (Y3285) - 5 April 2004 (12KB, pdf) 

Syndicate VAT accounting: change to procedures (Y3227) - 23 Dec 2003 (67KB, pdf) 

Lloyd's VAT arrangements (Y2507) - 28 March 2001 (142KB, pdf)