NOTE:

1These rules have applied since 1 April 2009.

2This commentary concerns partially exempt businesses which use the standard method of partial exemption. If a business has a special method input tax on these services should be catered for as determined by that method.

Certain financial and insurance services are ‘specified supplies’, i.e they are defined in the VAT (Input Tax)(Specified Supplies) Order 1999 (1999/3121). These are:

afinancial services supplied to persons belonging outside the member states or directly related to an export of goods

binsurance services supplied to persons belonging outside the member states or directly related to an export of goods; and

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