- 133 pages
- English
- PDF
- Available on iOS & Android
eBook - PDF
About this book
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.
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Yes, you can access Insurance Premium Tax by Mark Chesham in PDF and/or ePUB format, as well as other popular books in Law & Taxation. We have over one million books available in our catalogue for you to explore.
Information
Table of contents
- Contents
- Tables of authorities
- 1. Introduction
- 2. What is Insurance Premium Tax
- 3. Higher Rate IPT
- 4. Taxable Intermediaries
- 5. Location of Risk
- 6. Exemptions
- 7. Registration, De-registration and TOGCs
- 8. Accounting for IPT
- 9. Penalties
- Appendix 1: HMRC Penalties for failure to notify (factsheet CC/FS11)
- Appendix 2: HMRC Penalties for inaccuracies in returns (factsheet CC/FS7a)
- Appendix 3: “Connected” persons
- Appendix 4: Forms
- Appendix 5: European Insurance Premium Tax (IPT) comparison table
- Appendix 6: IPT error flowchart
- Index