Insurance Premium Tax

The importance of IPT to those paying it, combined with IPT being a specialist tax with limited case law, can result in small errors in the process of applying and collecting IPT resulting in significant liabilities.

Insurance Premium Tax (IPT) is an area of continuing focus for the Government with the rate following an upwards trend and a recent consultation considering changes to its operation. If an entity is liable to IPT then it may be the largest tax payments that the entity has to make.

We have recently seen a number of our clients falling short, resulting in large liabilities due to HMRC.

Why Mazars?

Mazars works with a range of insurance companies allowing us to get ahead of the curve and spot issues and resolutions fast. We are proactive and experienced, perfectly positioned to offer the support you need. We can assist with:

An IPT health check to highlight areas of risk, and a means to gain further efficiencies
IPT return reminder service
Identifying IPT overpayments and assisting with claims for overpaid IPT
Reviewing contractual paperwork to ensure it reflects your IPT accounting
Reviewing processes and controls around IPT administration and recovery
Reviewing treatment of overseas IPT, ensuring your company is compliant with overseas return and registration obligations
Resolution of disputes with HMRC
Advising on the type of risk insured, as well the location of the risk and subsequent IPT obligations