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.
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
