VATINS1340 | General introduction and the law: legal notes to Group 2: Legal Note 4 - relevant requirements

4. For the purposes of Note (3) the relevant requirements are -

1. that a document containing the statements specified in Note (5) is prepared;

2. that the matters that must be stated in the document have been disclosed to the customer at or before the time when the transaction mentioned in Note (3)(c) is entered into; and

3. that there is compliance with all such requirements (if any) as to -

(i) the preparation and form of the document,

(ii) the manner of disclosing to the customer the matters that must be stated in the document, and

(iii) the delivery of a copy of the document to the customer,

as may be set out in a notice that has been published by the Commissioners and has not been withdrawn.

This note imposes requirements to be met if insurance related services are to be VAT exempt when supplied with certain goods or services. The prime requirement is that a document should be prepared and that certain details on this document should be disclosed to the customer at or before the time the transaction takes place. The note also allows us to set out how the:

document should be prepared;

details should be disclosed; and

document should be delivered to the customer.

This is done by published notice (VAT Notice 701/36: Insurance) and is discussed in more detail in VATINS5720.