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VAT in Insurance

Quorum Training

Summary

Price
£654 inc VAT
Study method
Classroom
Duration
1 day · Full-time
Qualification
No formal qualification

Location & dates

Location

Address
61-65
Great Queen Street
Central London
London
WC2B5DA
United Kingdom
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Address
9-10 Portland Pl, Marylebone
West London
London
W1B1PR
United Kingdom
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Overview

SPEAKER: GWEN RYDER

VAT is complex but the insurance industry has its own special procedures, ‘language’, some unique rules and specific partial exemption methods. UK legislation derives from EU legislation but is sometimes at odds with it. This sector is particularly sensitive to changes from cases in the Court of Justice of the European Commission. This course covers aspects of VAT specific to the insurance industry focusing on avoiding pitfalls and mitigation techniques with reference to decided cases. This course will be updated as the impact of Brexit is known.

Description

CONTENT

How VAT affects insurance transactions

  • A review of the key issues
  • Basic compliance issues
  • Basic VAT planning

The exemption for insurance transactions

  • UK insurance premiums and commissions
  • P&I Clubs and their managers
  • Lloyd’s Underwriters and Managing Agents
  • Transactions which are not exempt
  • Intermediaries
  • The problems of outsourcing
  • Investment and other income

International services

  • Exempt and ‘Outside the scope’ premiums
  • The effects on VAT recovery
  • Intermediaries and the ‘look through’
  • The ‘reverse charge’
  • Branch and subsidiary issues

Partial exemption

  • The basic principles
  • Direct attribution
  • The standard method
  • Special methods for insurers and intermediaries
  • Items that must be excluded following recent case law or because of distortions

Dealings with HMRC

  • Specific compliance issues for insurance
  • Planning points
  • Risk areas and golden rules
  • The penalty regime and how to avoid it

Who is this course for?

This is suitable for those who have VAT experience but new to the sector and will give a sound grounding in both compliance and planning matters.

Questions and answers

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Legal information

This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

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