If an error is discovered in a return relating to a previous accounting period ending no more than four years ago it can be corrected in the next return1 provided:
- Ìý
•ÌýÌýÌýÌý the amount of the overdeclaration or underdeclaration is limited to £10,000 or, if greater, up to 1% of the net value of taxable premiums shown in box 10 of the IPT return not exceeding £50,0002, and
- Ìý
•ÌýÌýÌýÌý for overdeclarations, the registered person bore the cost of the error (ie the IPT was not borne by the customer or intermediary – HMRC will not make payments where the claimant will be 'unjustly enriched), and
- Ìý
•ÌýÌýÌýÌý the error is not deliberate
Where
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Web page updated on 17 Mar 2025 14:38