Consultation on the operation of Insurance Premium Tax - News Article Brentwood : Tiffin Green

Consultation on the operation of Insurance Premium Tax

HMRC has launched a consultation to review the extent to which the emerging practices are leading to 'unfair tax outcomes' in the administration and collection of Insurance Premium Tax (IPT).

For a free consultation call 01277 224422 or email enquiries@tiffingreen.co.uk


Call 01277 224422 or email enquiries@tiffingreen.co.uk

HMRC has launched a consultation to review the extent to which the emerging practices are leading to 'unfair tax outcomes' in the administration and collection of Insurance Premium Tax (IPT). HMRC's consultation document states:

'We have been made aware of business practices involving administration and arrangement fees which may be leading to unfair tax outcomes in the insurance industry.'

'This involves the artificial manipulation of insurance and broker structures to create different tax outcomes. IPT is chargeable on the gross premiums, whereas fees are not subject to IPT or VAT.'

The consultation is open until 17 July 2019.

Internet link: Consultation

ICAEW 2020 Consulting Group