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An introduction to IPT

Continuing our series of basic informative articles Leigh Francis Taxation Manager at the Association of British Insurers provides an introduction to the general principles of Insurance Premium Tax
Insurance Premium Tax (IPT) is a relatively recent tax in the UK. It was introduced by the Chancellor in his 1993 Budget and applied from 1 October 1994. Article 33 of the Sixth Directive allows Member States to apply taxes on insurance contracts so long as the tax cannot be characterised as a turnover tax. One of the big differences with premium tax compared with VAT is that it is not harmonised by the EU. This allows individual Member States to set their own rates...

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