VATINS4200 - Insurance underwritten at Lloyd바카라 사이트™s of London: the Lloyd바카라 사이트™s VAT arrangements (바카라 사이트˜LVA바카라 사이트™)
Because of the unique nature of the Lloyd바카라 사이트™s insurance market, we have agreed special VAT accounting arrangements for use by the various market participants. This agreement is known as the Lloyd바카라 사이트™s VAT Arrangements (바카라 사이트˜LVA바카라 사이트™) has been published on the Lloyd바카라 사이트™s web-site.
A copy can also be obtained from the indirect tax specialist whose User Interest is shown on Electronic Folder (EF) for the Corporation Of Lloyd바카라 사이트™s VAT registration.
As with any working document, the LVA is reviewed and updated from time to time.
Lloyd바카라 사이트™s special exemption arrangements
As explained elsewhere in VATINS4000, certain participants at Lloyd바카라 사이트™s can use the criteria set out in the LVA for their special partial exemption method (PESM). However all proposals must be submitted to HMRC for approval. More detailed guidance on the application of partial exemption within the Lloyd바카라 사이트™s market can be found in PE5700. This provides information relating to the nature of the services/apportionment methods. Also contained within this part of the guidance is an example PESM template covering the commonly found activities of the different types of entity.
Lloyd바카라 사이트™s transactions and their VAT treatment
There are many transactions within Lloyd바카라 사이트™s that create supplies for VAT purposes. VATINS4000 details the various bodies and their treatment for VAT purposes.