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VAT & Insurance after

Charles Elphicke Partner & Head of Tax and Annette Beresford Trainee Solicitor both at Reed Smith review the proposed changes to the UK VAT exemption for insurance-related services following Andersen
For many years the provision of insurance services within the European Union has been exempt from VAT. The exemption which is set out in Article 13.B(a) of the Sixth VAT Directive 77/388 EEC (the Sixth Directive) applies to insurance and reinsurance transactions but also to 'related services performed by insurance brokers and insurance agents'. In the UK the VAT exemption for insurance-related services has been understood to cover a wide range of activities including policy administration claims-handling services and legal claims helplines. This interpretation of Article 13.B(a) is reflected in the corresponding UK legislation (VATA...

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