VAT information to all managing agents for the quarter ended 30 June 2008.

Premium figures:


VAT premium figures for the period from 1 April 2008 to 30 June  2008, were sent out at the beginning of July 2008 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 2008.  

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 2008
1.98
1.99 
1.27
2.10
206.99 
14.95
2.06
May 2008
1.98
1.96
1.27
2.07
208.62
15.09
2.06
June 2008
1.99
2.02
1.26
2.07
210.97 
15.58
2.03


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, pdf) 

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