Industry relief as plans to reform VAT exemption dropped
The European Union's decision to drop its planned reform of the Europe-wide VAT exemption of insurance and other financial services should be a relief to UK insurers and brokers.
According to Richard Asquith, MD of TMF VAT & IPT Services, UK businesses had risked losing up to 20% on their outsourced administration and claims handling costs as irrecoverable VAT.
"Brokers were
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