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Insurance
Currently VAT Act 1994 Sch 9 Group 2 Item 1 exempts from VAT insurance and reinsurance sold by insurers who are authorised by the Financial Services Authority. The law is being amended in order to remove this restriction and confirming Customs' change of policy following the House of Lords decision in Card Protection Plan v CCE [2001] STC 174.
The revised law will come into effect from 1 January 2005. In summary the VAT exemption is extended to businesses that procure insurance cover under a block policy under similar circumstances to Card Protection Plan or to businesses who provide insurance that have not previously been authorised to do so by the FSA in addition to authorised insurers. Other than implementing the Card Protection Plan decision the new wording does not change the scope of the UK exemption for...
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