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HMRC internal manual

VAT Partial Exemption Guidance

Guidance for specific trade sectors: Lloyd's VAT arrangements: members’ agents - Partial Exemption method

The annual adjustment will be declared in the first quarter following the end of their VAT tax year.

The 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.

The sector recovery calculation will be;

Non-attributable input VAT x Members’ Agents Rate = input VAT recoverable to nearest penny

SECTOR 2 - INVESTMENTS

The calculation will be based on either the number or the value of securities sales.

The 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  

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.