VAT advice - Intermediary service
Hi,
I would like clarification that VAT is exempt for Intermediary services for financial products, i.e. insurance.
The Insurance Broker is an appointed representative of a large Wealth management organisation, and has acted between the client and the product provider. Normally the broker receives the commission (VAT exempt) via the Management company, but in this instance they have invoiced the client directly as they have implemented a minimum fee policy.
From my interpretation of the HMRC VATINS5311 this fee is also VAT exempt - but I would like appreciate anyone's guidance.
Also, that there is no distinction between the client being an individual or a company in respect of the VAT ruling.
Many thanks
I would like clarification that VAT is exempt for Intermediary services for financial products, i.e. insurance.
The Insurance Broker is an appointed representative of a large Wealth management organisation, and has acted between the client and the product provider. Normally the broker receives the commission (VAT exempt) via the Management company, but in this instance they have invoiced the client directly as they have implemented a minimum fee policy.
From my interpretation of the HMRC VATINS5311 this fee is also VAT exempt - but I would like appreciate anyone's guidance.
Also, that there is no distinction between the client being an individual or a company in respect of the VAT ruling.
Many thanks
0
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