Sean McGinness (The VAT Consultancy) answers a question on whether all services provided by an adviser to the insurance industry are VAT exempted.
Question
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...
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Sean McGinness (The VAT Consultancy) answers a question on whether all services provided by an adviser to the insurance industry are VAT exempted.
Question
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...
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:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")