V6.273 Introduction

Insurance

V6.273 Introduction

VAT presents important considerations for businesses who are involved in the provision of insurance, reinsurance and/or related services. At a fundamental level these considerations fall into two major categories—

  1.  

    —     establishing the correct VAT liability of the supplies that are made, and

  2.  

    —     determining the extent to which VAT on costs is recoverable.

As with businesses involved in finance, the complexity of the considerations will hinge greatly on the profile of a business's activities as well as the functioning of its finance and trading systems.

Under Directive 2006/112/EC art 135 and VATA 1994, Sch 9 Group 2 insurance

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