VATINS2110 - What is insurance for the purposes of the exemption?: characteristics of insurance
There is no statutory definition of insurance for VAT purposes although guidance can be gained from previous legal decisions in which the essential nature of insurance has been considered.
The House of Lords in the case of Card Protection Plan Ltd v C & E Commrs (Case C-349/96) [1999] concluded that:
바카라 사이트�바카라 사이트he essentials of an insurance transaction are바카라 사이트� that the insurer undertakes, in return for prior payment of a premium, to provide the insured, in the event of materialisation of the risk covered, with the service agreed when the contract was concluded.바카라 사이트�