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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