VATINS5010 | Services of an insurance intermediary: purpose and outline of VATINS5000

VATINS5000 covers the VAT treatment of supplies by insurance brokers and insurance agents. It specifically deals with Item 4 of Group 2, and gives interpretations and definitions of the terminology used in the legislation. It also considers the most important legal notes to Item 4 and their implications for liability. In particular it covers:

• what is an insurance broker or agent for the purposes of Group 2;

• what is meant by ‘acting in an intermediary capacity’;

• what constitutes an insurance related service for the purposes of Group 2; and

• the conditions that must be met for insurance to be exempt when sold with standard rated goods or services.