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HMRC internal manual

VAT Insurance

Insurance underwritten at Lloyd’s of London: Lloyd's brokers

In principle, only an accredited Lloyd’s broker can place business with a Lloyd’s syndicate. There are some exceptions where a managing agency has a service company. Other brokers can arrange via an accredited Lloyd’s broker for business to be placed at Lloyd’s. Lloyd’s brokers are not covered by the LVA. Their brokerage services are the provision of insurance intermediary services and subject to the normal VAT rules and partial exemption arrangements.