HMRC have announced the removal of the requirement for overseas insurers to appoint a UK tax representative for IPT purposes. Overseas insurers will now be able to choose whether to appoint a UK representative to deal with their IPT affairs and, if they do, this representative will no longer be jointly and severally liable for any tax payable by the insurer.
This is a welcome change and should reduce the compliance burden and cost to these businesses in administering the tax.
