I am involved in providing services to the insurance industry both in finding new customers and also in dealing with claims. I can provide both services to an underwriter or managing general agent or sometimes just one of the services. I’ve always treated my services as exempt from VAT. Is this correct?
Answer
This has long been an area with a question mark over whether or not the services provided are exempt.
UK VAT law (VATA 1994 Sch 9 Group 2 item 4) provides for an exemption for insurance intermediary services when a broker or agent provides the services of insurance intermediation between a party wishing to purchase insurance and an insurer. In the law and HMRC’s guidance it is specifically stated that claims...
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I am involved in providing services to the insurance industry both in finding new customers and also in dealing with claims. I can provide both services to an underwriter or managing general agent or sometimes just one of the services. I’ve always treated my services as exempt from VAT. Is this correct?
Answer
This has long been an area with a question mark over whether or not the services provided are exempt.
UK VAT law (VATA 1994 Sch 9 Group 2 item 4) provides for an exemption for insurance intermediary services when a broker or agent provides the services of insurance intermediation between a party wishing to purchase insurance and an insurer. In the law and HMRC’s guidance it is specifically stated that claims...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
