天美影院

The outputs that will be declared by the entities within the scope of these arrangements for their activities at Lloyd鈥檚 are described below. This is in addition to outputs that are derived from other activities.

Liability of the supplies

The liability of any supply will be determined by the VAT legislation in force at the time.

Outputs value

The value to be declared for a supply is the total consideration for that supply. The consideration for a supply of insurance is the gross premium, including Insurance Premium Tax (IPT) and any other fiscal charges or levies, that is payable by the insured, without any deductions. The consideration for a supply of reinsurance is the gross reinsurance premium less reinsurance commission and profit commission.

The value of insurance and reinsurance premiums processed through LPSO Limited (LPSO) and notified to managing agents and syndicates will be calculated through a procedure agreed by LPSO, to reflect the full consideration.

Syndicates

The outputs to be declared are the total of the insurance and reinsurance premiums processed through LPSO and notified by them, plus any premiums not processed through LPSO, such as UK motor business. LPSO notification is evidence of the outputs processed through LPSO.

Managing Agents

The outputs to be declared are the value of supplies (fees charged for services under the managing agents鈥� contract) by the managing agents to the syndicates that they are authorised to manage plus any other supplies made by the agent. Throughout these arrangements the term 鈥渇ees鈥� includes profit commission.

Members鈥� Agents

The outputs to be declared are the value of supplies (fees charged to members under the Lloyd鈥檚 members鈥� agents鈥� agreement) made to members, plus any other supplies made by the members鈥� agent.

Lloyd鈥檚 Advisors

The outputs to be declared are the value of supplies made to corporate members, plus any other supplies made by the advisor.

Mixed Agents

The outputs to be declared will be a combination of the managing agent supplies and the members鈥� agent supplies, plus any other supplies made.

Corporate Members

No outputs will be declared from the underwriting of insurance in the Lloyd鈥檚 market as these are to be declared by the syndicate. The outputs to be declared will be those from other activities. Where, however, the corporate member has 100% of a syndicate, the outputs to be declared will include the underwriting of insurance in relation to the wholly-owned syndicate.

Natural members

No outputs will be declared from the underwriting of insurance in the Lloyd鈥檚 market as these are to be declared by the syndicates. The outputs to be declared will be those from other activities.