SolvedVATINS4510 | Insurance underwritten at Lloyd’s of London: VAT treatment of members’ agents and Lloyd’s advisors
From HM Revenue & Customs · VAT Insurance
The services supplied by Members’ Agents and Lloyd’s Advisers to members are exempt from VAT under VATA 94, Sch 9, Group 2, Item 4. This was confirmed by the decision of the VAT tribunal in the case of SOC Private Capital Ltd - see below. They may register and recover input tax in relation to their fees, subject to the partial exemption arrangements detailed within the LVA.
SOC Private Capital Limited - VDT number 17747
We ruled with effect from 1 January 2001 that Members’ Agents were not acting as insurance agents and their services were largely administrative and therefore not sufficiently related to insurance or reinsurance to justify an exempt supply. The appellants appealed this decision.
The Tribunal considered three main points.
| 1. Who was the insurer, the underwriting member or the syndicate? | (This content has been withheld because of exemptions in the Freedom of Information Act 2000) |
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| 2. Are Members’ Agents insurance agents within the meaning of the Sixth Directive? | (This content has been withheld because of exemptions in the Freedom of Information Act 2000) |
| 3. Do Members’ Agents provide services relating to insurance transactions? | (This content has been withheld because of exemptions in the Freedom of Information Act 2000) |