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HMRC internal manual

VAT Insurance

HM Revenue & Customs
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Insurance underwritten at Lloyd’s of London: managing agents

Managing agents administer syndicates on behalf of members but are not themselves insurers. They may be VAT registered, and their supplies are those of an insurance intermediary. The VAT treatment follows that of the insurance underwritten by the syndicate or syndicates that they manage.

Syndicates’ managing agents provide services to and employ all staff for their syndicates, including underwriters. The services supplied to the syndicates under Lloyd’s managing agent’s Agreement are exempt from VAT under VATA 94, Sch 9, Group 2, Item 4. Other services should be considered on their merits.

Managing agents can register and recover input tax in relation to the management fees charged for their services to their syndicates, subject to the partial exemption criteria detailed within the LVA.

(See also VATINS4820 for information on assurance issues relating to managing agents.)