PE77400 - Guidance for specific trade sectors: Lloyd's VAT arrangements: members� agents - Partial Exemption method
»Ê¹ÚÌåÓýapp annual adjustment will be declared in the first quarter following the end of their VAT tax year.
»Ê¹ÚÌåÓýapp partial exemption agreement will comprise at least the following components:
SECTOR 1 - MEMBERS� AGENT
This sector relates to the services provided to members under the terms of the Lloyd’s Members� Agent’s Agreement.
»Ê¹ÚÌåÓýapp sector recovery calculation will be;
Non-attributable input VAT x Members� Agents Rate = input VAT recoverable to nearest penny
SECTOR 2 - INVESTMENTS
»Ê¹ÚÌåÓýapp calculation will be based on either the number or the value of securities sales.
»Ê¹ÚÌåÓýapp sector recovery calculation will be;
| Number or value of O/S with I/T credit sales of securities | = recoverable % to 2 decimal places |
|---|---|
| Number or value of total sales of securities | Ìý |
OTHER SUPPLIES
Recovery of input tax in relation to supplies that are outside the terms of the Lloyd’s Members� Agent’s Agreement will be subject to the normal rules and may constitute a separate sector.