Insurance Premium Tax: A User's Guide 2nd Edition

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Insurance Premium Tax: A User's Guide 2nd Edition

By Mark Chesham
Spiramus Press Ltd July 2023

Specifications

ISBN-13
9781913507251
Publisher
Spiramus Press Ltd
Publication
July 2023
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only

Details

Insurance Premium Tax is a guide for practitioners and those involved in the insurance industry. It summarises how the IPT is applied in practice, the definition of an insurance contract, looks at exemptions from the tax, the application of the higher rate and issues affecting non UK risks and global policies. It also explores compliance issues such as IPT registration, the submission of returns and payment of the tax, changes in rates and the penalty regime.

The major change that has taken place since the first edition has been the UK leaving the European Union. The author explains why this does not impact greatly on IPT, though it makes the discussion on the legality of the tax otiose.

In November 2020, HMRC announced a consultation on IPT. This looked at three main areas: unregistered insurers, some ‘avoidance’ structures involving administration fees and the administration of the tax. The author reports on the consultation and HMRC reaction to industry responses.

Table of Contents

Introduction
What is insurance premium tax?
Higher rate IPT
Taxable intermediaries
Location of risk
Exemptions
Registration, de-registration and TOGCs
Accounting For IPT
Penalties

APPENDICES:
HMRC penalties for failure to notify (factsheet cc/fs11)
HMRC penalties for inaccuracies in returns (factsheet cc/fs7a)
“Connected” persons
IPT forms
European insurance premium tax (IPT) comparison table
IPT error flowchart
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