Insurance Premium Tax (IPT) is a type of indirect taxes in positions of general insurance premium.
(United Kingdom)
UK tax on insurance premiums under taxed and are not subject to value added tax, which would increase the income of the insurance sector. [2]
VAT on the main EU legislation (Directive 2006/112 / EC), including related services performed by insurance brokers and insurance agents, insurance and reinsurance transactions exempt from VAT. [2]
Insurance Premium Tax (IPT) [3] In November 1993, Kenneth Clarke announced budget and received Royal Assent on 3 of the Finance Act 1994 was introduced [4] IPT HM Revenue and Customs is under the care and management May 1994. [4]
IPT 2300000000 pounds raised in FY 2009/10.
(Law)
IPT has primary law [5]
IPT policy setting is the Finance Act 1994 primary law, sections 48-74 and Appendices 6A, 7 and 7A, the Acts of 1997, 1998,1999, 2003, 2007, 2008, 2009, and amended in 2010.
Insurance Premium Tax IPT secondary legislation principal Regulations 1994 (Statutory Instrument 1994/1774 - revised) to give more details about the operation.
(Tarifa)
There are two types of tax on insurance premiums differently: [1]
The overall rate of 6 percent
A high rate of 20 percent
Provides insurance insurance taxable IPT high rates of insurance problems and the premium itself must have a separate insurance fee as intermediaries, IPT and the account is required.
(Historical Rate)
Of origin. [3] [6]
October 1, 1994 to March 1997, 31-1 single rate of 2.5 percent
Since April 1, 1997, when the two rates.
The standard rate:
April 1, 1997 to June 30 1999-4 percent of the standard rate;
From July 1, 1999 to January 3, 2011 - 5 percent of the value of the rate.
January 4, 2011, the rate rose to 6 percent.
High season:
From January 1, 2011 to April 4, 1997 in line with the VAT system by the provider of insurance and other products and services, the highest rate of 17.5 percent safe.
From August 1, 1998, high rates regardless of the type of provider, travel insurance extends to all subjects.
January 4, 2011, in line with the high rate of VAT, an increase of 20 percent.
(Discount)
They are specifically exempted, if not all types of insurance risk is taxable in the UK. They are exempt from this tax are: [5]
reinsurance
Uninsured life insurance, permanent health insurance and all the 'long term' other insurance,
Commercial aircraft and associated liabilities
Commercial vessels and liability
Equipment and lifeboat lifeboats
Foreign or international railway rolling stock and associated liabilities
Export Finance
Of commercial products in transit
Through the project, disabled drivers who rent their vehicles and motor cycles blocks held by the insurance policy covering the Motability
The risk is located outside the United Kingdom, and
Channel Tunnel
(IPT Register)
If the company is required to register with the IPT: [1]
For those seeking an insurer or taxable insurance premiums.
Due to the large amount of insurance premium for a fee, an intermediate rate.
Companies that receive (or accepted) must be registered from the date of its first taxable premium. Taxable as business insurance premium within 30 days of receipt of the order form must notify HM Revenue and Customs.
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