Chapter GIM4270

CourtHM Revenue & Customs
Record NumberGIM4270
Published date15 April 2016

Insurance and reinsurance transactions, and services related to insurance and reinsurance performed by insurance brokers and insurance agents, are exempt from VAT (VATA94/SCH9 Group 2). In practice, however, most insurance companies make both exempt and taxable supplies and will have partial exemption for VAT purposes. They will not therefore be able to recover all their input tax. A method of ‘attributing’ inputs to outputs will be agreed, thus determining the amount...

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