A VAT registered share farmer (A) paid the premium for insuring livestock he owns jointly with the other share farmer (B).
The invoice from the broker to A may have been lost but would presumably show IPT and zero-rate VAT.
A included the IPT inclusive sum in his VAT return (no VAT).
A now wishes to recharge the relevant share of the IPT inclusive sum to B and to VAT zero-rate it.
I wonder if this should be standard-rated in fact.
B is VAT registered as well so it matters little to HMRC but we like to do things right!
Any thoughts? Many thanks.
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