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A supply of insurance is a supply of services and is exempt from VAT. The VAT exemption for insurance also applies to the services of an insurance agent or an insurance broker acting in an intermediary capacity in relation to insurance.

This guidance note provides an overview of the:

1. •

   scope of the VAT exemption for insurance

2. •

   entitlement of insurers, insurance agents, insurance brokers and insurance policy holders to recover VAT on costs

3. •

   VAT treatment of insurance payments received by policy holders

In-depth commentary on the insurance exemption can be found in De Voil Indirect Tax Service V4.121 to V4.124.