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Vol 23 No 5 May/June 2018

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Insurance Premium Tax

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ISBN13: 9781910151549
To be Published: October 2018
Publisher: Spiramus Press Ltd
Country of Publication: UK
Format: Paperback
Price: £59.95



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.

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Subjects:
Taxation
Contents:
1. Introduction
Introduction of tax
Initial rates
Issues around boundaries but otherwise relatively little attention
Info held by brokers (problems with cash accounting)
Raised recognition that premium taxes exist elsewhere
Is IPT another indirect tax? (case)

2. What is IPT
Tax on payments under a contract of insurance
What is a contract of insurance
What is not a contract of insurance (guarantees/warranties etc)
What is a payment – definition of premium
Who is liable to pay (insurer, intermediary or insured)

3. Higher Rate IPT

4. Exemptions

5. Location of risk
Definitions
Premium allocations – worldwide risks etc
Non UK liabilities
Non UK insurers writing UK risks

6. IPT Administration
Registration
Registration of intermediaries
Registration of non UK insurers
IPT returns
Tax points – cash basis and special accounting scheme
Aps, instalments, discounts etc
Changes in rates – anti-forestalling
Lloyd’s
De minimis
Repayments of IPT
Record keeping
Penalties and appeals

7. Legislation

8. Appendices

9. INDEX