- UK tribunal ruled in favor of Gibraltar insurance industry.
- UK insurance brokers can reclaim VAT when providing services to Gibraltar insurers.
- Case involved Hastings Insurance Services Ltd and HM Revenue Customs.
- UK tax authority argued the “customer” was the insured person in the UK, not the Gibraltar company.
- Tribunal ruled the customer is the Gibraltar insurer, making VAT reclaim valid.
- Decision strengthens Gibraltar’s position as an insurance hub.
- UK brokers may find it more beneficial to work with Gibraltar insurers.
- HMRC may appeal the ruling.
Source: gbc.gi
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
