Call +44 (0)1163267786 - Email office@m-cubed.org

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).

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

Copyright

© 2022 M Cubed Chartered Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)1163267786

Address
M Cubed Chartered Accountants, 9 De Montfort Street, Leicester, Leicestershire LE1 7GE
Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. M Cubed is a trading name of M Cubed Limited. A full list of the firms directors is open for inspection at 9 De Montfort Street, Leicester, LE1 7GE the principal place of business and registered office.
Registered in England & Wales: 02818027

powered by totalSOLUTION