Description

Book Synopsis
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.

Table of Contents
  • INTRODUCTION
  • 1.1. Sources of information
    1. WHAT IS INSURANCE PREMIUM TAX
    2. 2.1. Definition
    3. 2.2. Is IPT legal?
    4. 2.3. Insurance contracts and insurers
    5. 2.4. Taxable contracts
    6. 2.5. What is a premium?
    7. 2.6. Coinsurance, insurance pools and fronting
    8. 2.7. Warranties and guarantees
    9. 2.8. Discretionary trusts
    10. 2.9. Cost plus schemes
    11. 2.10. Self insurance
    12. 2.11. Voluntary excesses and deductibles
      1. HIGHER RATE IPT
      2. 3.1. Introduction
      3. 3.2. Motor cars and motor cycles
      4. 3.3. Domestic Appliances
      5. 3.4. Travel insurance
      6. 3.5. Higher rate insurance and free and discounted insurance
      7. TAXABLE INTERMEDIARIES
      8. 4.1. Liability to register and account for IPT
      9. 4.2. Criteria for a person having to register
      10. 4.3. Taxable intermediary provisions
      11. 4.4. Higher rate contracts
      12. 4.5. Registration limits
      13. LOCATION OF RISK
      14. 5.1. Introduction
      15. 5.2. Risk location rules
      16. 5.3. Habitual residence
      17. 5.4. Business establishment
      18. 5.5. Unregistered vehicles
      19. 5.6. Buildings
      20. 5.7. Embassies
      21. 5.8. Travel Insurance
      22. 5.9. Apportioning multi jurisdictional risks
      23. EXEMPTIONS
      24. 6.1. Introduction
      25. 6.2. De minimis
      26. 6.3. Exemptions
      27. 6.4. Non-UK risks
      28. 6.5. Reinsurance
      29. 6.6. Long-term insurance contracts
      30. 6.7. Commercial ships
      31. 6.8. Contracts relating to the Channel Tunnel
      32. 6.9. Lifeboats and Lifeboat equipment
      33. 6.10. Commercial aircraft
      34. 6.11. International railway rolling stock
      35. 6.12. Goods in foreign or international transit
      36. 6.13. Export finance related insurance
      37. 6.14. Motability contracts
      38. 6.15. Spacecraft
      39. REGISTRATION, DE-REGISTRATION AND TOGCS
      40. 7.1. Registration – Introduction
      41. 7.2. Deregistration
      42. 7.3. Transfer of a going concern
      43. ACCOUNTING FOR IPT
      44. 8.1. Introduction
      45. 8.2. IPT Accounting Schemes
      46. 8.3. Bad debt relief
      47. 8.4. Adjusting for errors on IPT returns
      48. 8.5. Changes in IPT rates
      49. 8.6. Anti-forestalling provisions
      50. 8.7. Lloyd's IPT procedures
      51. 8.8. Record keeping requirements
      52. 8.9. Recovering IPT paid in error
      53. PENALTIES
      54. 9.1. Introduction
      55. 9.2. Penalty for failure to notify
      56. 9.3. Late payment of tax or rendering of returns
      57. 9.4. Failure to notify a cessation of trade
      58. 9.5. Failure to produce records
      59. 9.6. Failure to appoint or nominate a tax representative
      60. 9.7. Breach a controlled goods agreement or Walking Possession Agreement in Northern Ireland
      61. 9.8. Liability of insured
      62. 9.9. Underdeclarations
      63. 9.10. Evasion of IPT
      64. 9.11. Interest
      65. 9.12. HMRC's stated approach to late rendering and payment penalties
      66. 9.13. Security
      67. 9.14. Reviews and appeals
      68. APPENDIX 1: HMRC PENALTIES FOR FAILURE TO NOTIFY (FACTSHEET CC/FS11)
      69. APPENDIX 2: HMRC PENALTIES FOR INACCURACIES IN RETURNS (FACTSHEET CC/FS7A)
      70. APPENDIX 3: ""CONNECTED"" PERSONS
      71. APPENDIX 4: FORMS
      72. APPENDIX 5: EUROPEAN INSURANCE PREMIUM TAX (IPT) COMPARISON TABLE
      73. APPENDIX 6: IPT ERROR FLOWCHART

    Insurance Premium Tax: A User's Guide

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    A Paperback / softback by Mark Chesham

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      View other formats and editions of Insurance Premium Tax: A User's Guide by Mark Chesham

      Publisher: Spiramus Press
      Publication Date: 13/02/2019
      ISBN13: 9781910151549, 978-1910151549
      ISBN10: 1910151548
      Also in:
      Public finance and taxation Insurance law Taxation and duties law

      Description

      Book Synopsis
      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.

      Table of Contents
      • INTRODUCTION
      • 1.1. Sources of information
        1. WHAT IS INSURANCE PREMIUM TAX
        2. 2.1. Definition
        3. 2.2. Is IPT legal?
        4. 2.3. Insurance contracts and insurers
        5. 2.4. Taxable contracts
        6. 2.5. What is a premium?
        7. 2.6. Coinsurance, insurance pools and fronting
        8. 2.7. Warranties and guarantees
        9. 2.8. Discretionary trusts
        10. 2.9. Cost plus schemes
        11. 2.10. Self insurance
        12. 2.11. Voluntary excesses and deductibles
          1. HIGHER RATE IPT
          2. 3.1. Introduction
          3. 3.2. Motor cars and motor cycles
          4. 3.3. Domestic Appliances
          5. 3.4. Travel insurance
          6. 3.5. Higher rate insurance and free and discounted insurance
          7. TAXABLE INTERMEDIARIES
          8. 4.1. Liability to register and account for IPT
          9. 4.2. Criteria for a person having to register
          10. 4.3. Taxable intermediary provisions
          11. 4.4. Higher rate contracts
          12. 4.5. Registration limits
          13. LOCATION OF RISK
          14. 5.1. Introduction
          15. 5.2. Risk location rules
          16. 5.3. Habitual residence
          17. 5.4. Business establishment
          18. 5.5. Unregistered vehicles
          19. 5.6. Buildings
          20. 5.7. Embassies
          21. 5.8. Travel Insurance
          22. 5.9. Apportioning multi jurisdictional risks
          23. EXEMPTIONS
          24. 6.1. Introduction
          25. 6.2. De minimis
          26. 6.3. Exemptions
          27. 6.4. Non-UK risks
          28. 6.5. Reinsurance
          29. 6.6. Long-term insurance contracts
          30. 6.7. Commercial ships
          31. 6.8. Contracts relating to the Channel Tunnel
          32. 6.9. Lifeboats and Lifeboat equipment
          33. 6.10. Commercial aircraft
          34. 6.11. International railway rolling stock
          35. 6.12. Goods in foreign or international transit
          36. 6.13. Export finance related insurance
          37. 6.14. Motability contracts
          38. 6.15. Spacecraft
          39. REGISTRATION, DE-REGISTRATION AND TOGCS
          40. 7.1. Registration – Introduction
          41. 7.2. Deregistration
          42. 7.3. Transfer of a going concern
          43. ACCOUNTING FOR IPT
          44. 8.1. Introduction
          45. 8.2. IPT Accounting Schemes
          46. 8.3. Bad debt relief
          47. 8.4. Adjusting for errors on IPT returns
          48. 8.5. Changes in IPT rates
          49. 8.6. Anti-forestalling provisions
          50. 8.7. Lloyd's IPT procedures
          51. 8.8. Record keeping requirements
          52. 8.9. Recovering IPT paid in error
          53. PENALTIES
          54. 9.1. Introduction
          55. 9.2. Penalty for failure to notify
          56. 9.3. Late payment of tax or rendering of returns
          57. 9.4. Failure to notify a cessation of trade
          58. 9.5. Failure to produce records
          59. 9.6. Failure to appoint or nominate a tax representative
          60. 9.7. Breach a controlled goods agreement or Walking Possession Agreement in Northern Ireland
          61. 9.8. Liability of insured
          62. 9.9. Underdeclarations
          63. 9.10. Evasion of IPT
          64. 9.11. Interest
          65. 9.12. HMRC's stated approach to late rendering and payment penalties
          66. 9.13. Security
          67. 9.14. Reviews and appeals
          68. APPENDIX 1: HMRC PENALTIES FOR FAILURE TO NOTIFY (FACTSHEET CC/FS11)
          69. APPENDIX 2: HMRC PENALTIES FOR INACCURACIES IN RETURNS (FACTSHEET CC/FS7A)
          70. APPENDIX 3: ""CONNECTED"" PERSONS
          71. APPENDIX 4: FORMS
          72. APPENDIX 5: EUROPEAN INSURANCE PREMIUM TAX (IPT) COMPARISON TABLE
          73. APPENDIX 6: IPT ERROR FLOWCHART

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