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HMRC internal manual

VAT Insurance

Types of insurance: transfers of reinsurance contracts and related assets

In the case of Swiss Re ([2009] EUECJ C-242/08) the CJEU decided that the cross-border transfer of a portfolio of reinsurance contracts with the consequence that the transferee assumes, with consent of the insured persons, all the rights and obligations resulting from those contracts, is not VAT exempt as it is neither a reinsurance transaction nor is it a transaction in securities. Within the UK, a transfer may be treated as a TOGC as long as all the conditions set out in Notice 700/9 Transfer of business as a going concern are met.