Insurance Premium Tax - A User's Guide - Second Edition

Sources of information

2.1. Definition
2.2. Is IPT legal?
2.3. Insurance contracts and insurers
2.4. Taxable contracts
2.5. What is a premium?
2.5.1. Separate contracts - commoditised insurance - Homeserve
2.5.2. Net fee arrangements and broker discounts
2.5.3. Retro-rated policies
2.5.4. Employer’s liability insurance
2.6. Coinsurance, insurance pools and fronting
2.7. Warranties and guarantees
2.7.1. Warranties
2.7.2. Guarantees
2.7.3. Mapfre
2.8. Discretionary trusts
2.9. Cost plus schemes
2.9.1. Insurance provided cost plus schemes
2.9.2. Non-insurance cost plus scheme
2.10. Self insurance
2.11. Voluntary excesses and deductibles

3.1. Introduction
3.1.1. Connected persons
3.1.2. Connected parties - Protected Cell Companies
3.2. Motor cars and motor cycles
3.2.1. Definitions
3.2.2. Types of motor insurance covered
3.2.3. Ordinary motor insurance
3.2.4. Guaranteed asset protection (GAP) insurance
3.2.5. Other motor related insurances
3.3. Domestic appliances
3.3.1. Definitions
3.3.2. Certain circumstances
3.3.3. Guaranteed asset protection (GAP) on domestic appliances
3.4. Travel insurance
3.4.1. Introduction
3.4.2. Definition of travel risks
3.4.3. De minimis
3.4.4. Travel add-ons to non-travel policies
3.4.5. Corporate travel policies
3.5. Higher rate insurance and free and discounted insurance
3.5.1. Specified goods
3.5.2. Travel insurance

4.1. Liability to register and account for IPT
4.2. Criteria for a person having to register
4.3. Taxable intermediary provisions
4.4. Higher rate contracts
4.5. Registration limits

5.1. Introduction
5.2. Risk location rules
5.2.1. Kvaerner
5.3. Habitual residence
5.4. Business establishment
5.5. Unregistered vehicles
5.6. Buildings
5.7. Embassies
5.8. Travel insurance
5.9. Apportioning multi-jurisdictional risks

6.1. Introduction
6.2. De minimis
6.3. Exemptions
6.4. Non-UK risks
6.5. Reinsurance
6.5.1. Reinsurance of surety bonds
6.6. Long-term insurance contracts
6.6.1. Medical insurance, PHI and maternity cover
6.6.2. Long-term insurance business - relocating policyholders
6.7. Commercial ships
6.8. Contracts relating to the Channel Tunnel
6.9. Lifeboats and lifeboat equipment
6.10. Commercial aircraft
6.11. International railway rolling stock
6.12. Goods in foreign or international transit
6.12.1. Introduction
6.12.2. Definition of a container
6.12.3. Definition of foreign or international transit
6.12.4. Scope of the exemption
6.12.5. Examples of insurance contracts covering goods in international transit
6.13. Export finance related insurance
6.13.1. Introduction
6.13.2. Export credit
6.13.3. Risks relating to financial exchange losses
6.13.4. The provision of financial facilities
6.14. Motability contracts
6.14.1. Introduction
6.14.2. Legislation
6.15. Spacecraft
6.15.1. Introduction
6.15.2. Legislation
6.15.3. Definitions

7.1. Registration - introduction
7.1.1. Registration - when to register
7.1.2. Registration - how to register
7.1.3. Registration - de minimis - waiver to submit returns
7.1.4. Changes to registration and deregistration
7.1.5. Registration - group treatment
7.1.6. Registration - partnerships
7.1.7. Registration - overseas insurers
7.1.8. Registration - Lloyd’s
7.2. Deregistration
7.3. Transfer of a going concern
7.3.1. Introduction
7.3.2. TOGC - definition
7.3.3. Taking over an existing IPT registration
7.3.4. TOGC - Requesting a new registration

8.1. Introduction
8.1.1. Return periods
8.1.2. Tax points
8.2. IPT accounting schemes
8.2.1. Special accounting scheme
8.2.2. Cash receipt basis
8.3. Bad debt relief
8.3.1. Bad debt relief - special accounting scheme
8.3.2. Bad debt relief - cash receipts basis
8.4. Adjusting for errors on IPT returns
8.5. Changes in IPT rates
8.5.1. Introduction
8.5.2. Definition of terms
8.5.3. Change of rate - cash receipts method
8.5.4. Special accounting method
8.5.5. Additional premiums (APs) and return premiums (RPs) and change of rate
8.5.6. Monthly written contracts
8.5.7. Contracts paid in instalments
8.6. Anti-forestalling provisions
8.6.1. Prepayments
8.6.2. Contracts providing cover for more than 12 months
8.6.3. Penalties
8.7. Lloyd’s IPT procedures
8.8. Record keeping requirements
8.9. Recovering IPT paid in error
8.9.1. Reimbursement scheme
8.9.2. Where the reimbursement scheme may not apply

9.1. Introduction
9.2. Penalty for failure to notify
9.3. Late payment of tax or rendering of returns
9.4. Failure to notify a cessation of trade
9.5. Failure to produce records
9.6. Failure to appoint or nominate a tax representative
9.7. Breach of a controlled goods agreement or walking possession agreement in Northern Ireland
9.8. Liability of insured
9.9. Underdeclarations
9.10. Evasion of IPT
9.11. Interest
9.12. HMRC’s stated approach to late rendering and payment penalties.
9.13. Security
9.14. Reviews and appeals