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December 2020

This notice cancels and replaces Notice IPT1 (March 2019). It applies to supplies made on or after the UK's departure from the EU.

1 Introduction

1.1 What is this notice about

This notice explains:

1. Ìý

   •ÌýÌýÌýÌý what Insurance Premium Tax (IPT) is, how it applies to insurance contracts and who it affects;

2. Ìý

   •ÌýÌýÌýÌý how to register for IPT and account for the tax;

3. Ìý

   •ÌýÌýÌýÌý what to do in the event of a change of rate of tax;

4. Ìý

   •ÌýÌýÌýÌý what to do if IPT is paid to us in error;

5. Ìý

   •ÌýÌýÌýÌý the penalties that you may incur if you do not comply with regulations;

6. Ìý

   •ÌýÌýÌýÌý where to get further advice.

1.2 What's changed

This notice has been updated to reflect changes to IPT following the UK's departure from the European Union

1.3 The legal basis for IPT in the UK

The main law relating to IPT is in the:

1. Ìý

   •ÌýÌýÌýÌý Finance Act 1994 ss 48-74