Quarterly Foreign Exchange Rates for VAT purposes
VAT information needed to compile quarterly VAT returns filed with HM Revenue and Customs.
Tax Information
Tax Information2010
Foreign exchange rates - 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 |
| Oct 2010 | 1.60 | 1.63 | 1.15 | 1.63 | 128.78 | 11.12 | 1.57 |
| Nov 2010 | 1.56 | 1.60 | 1.20 | 1.62 | 130.46 | 11.05 | 1.55 |
| Dec 2010 | 1.57 | 1.56 | 1.17 | 1.53 | 126.98 | 10.36 | 1.46 |
Foreign exchange rates - 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 |
| July 2010 | 1.57 | 1.61 | 1.20 | 1.73 | 135.72 | 11.44 | 1.64 |
| Aug 2010 | 1.54 | 1.64 | 1.21 | 1.73 | 129.05 | 11.34 | 1.56 |
| Sep 2010 | 1.58 | 1.62 | 1.15 | 1.63 | 131.64 | 10.99 | 1.54 |
Foreign exchange rates - 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 2010 | 1.53 | 1.55 | 1.15 | 1.64 | 143.90 | 11.26 | 1.65 |
| May 2010 | 1.45 | 1.52 | 1.18 | 1.73 | 132.27 | 11.17 | 1.68 |
| June 2010 | 1.50 | 1.59 | 1.22 | 1.77 | 132.39 | 11.47 | 1.61 |
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For previous years exchange rates please use the link below:
VAT incurred on claims and services supplied within the UK
Syndicates and managing agents can only recover UK VAT if it is incurred in relation to a supply made to a policyholder who 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 Lloyd's VAT arrangements premium please contact Sarah-Jane Stoddart of Lloyd's Taxation Department on +44 (0)20 7327 6856.