The UK government is consulting industry (until 5 February 2021) on measures to improve the administration of insurance premium tax (IPT). The consultation will consider:
how to level the playing field and prevent the loss of IPT due to unregistered insurers, with options including a code of conduct and the introduction of joint and several liability for brokers where they act as an intermediary;
how to prevent insurers from using corporate structures to reduce IPT exposure artificially, with options including imposing IPT on administration fees charged by connected insurance brokers and extending IPT to cover fees charged on all non-commercial insurance transactions; and
removing the IPT registration and returns forms from secondary legislation to make them easier to amend, altering the return to include gross written premiums, and switching to annual returns.
The UK government is consulting industry (until 5 February 2021) on measures to improve the administration of insurance premium tax (IPT). The consultation will consider:
how to level the playing field and prevent the loss of IPT due to unregistered insurers, with options including a code of conduct and the introduction of joint and several liability for brokers where they act as an intermediary;
how to prevent insurers from using corporate structures to reduce IPT exposure artificially, with options including imposing IPT on administration fees charged by connected insurance brokers and extending IPT to cover fees charged on all non-commercial insurance transactions; and
removing the IPT registration and returns forms from secondary legislation to make them easier to amend, altering the return to include gross written premiums, and switching to annual returns.
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