CONTENTS INTRODUCTION 1.1. Sources of information WHAT IS INSURANCE PREMIUM TAX 2.1. Definition 2.2. Is IPT legal? 2.3.
Insurance contracts and insurers 2.4. Taxable contracts 2.5. What is a premium? 2.6. Coinsurance, insurance pools and fronting 2.7.
Warranties and guarantees 2.8. Discretionary trusts 2.9. Cost plus schemes 2.10. Self insurance 2.11.
Voluntary excesses and deductibles HIGHER RATE IPT 3.1. Introduction 3.2. Motor cars and motor cycles 3.3. Domestic Appliances 3.4.
Travel insurance 3.5. Higher rate insurance and free and discounted insurance TAXABLE INTERMEDIARIES 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 LOCATION OF RISK 5.1. Introduction 5.2.
Risk location rules 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 EXEMPTIONS 6.1.
Introduction 6.2. De minimis 6.3. Exemptions 6.4. Non-UK risks 6.5.
Reinsurance 6.6. Long-term insurance contracts 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 6.13.
Export finance related insurance 6.14. Motability contracts 6.15. Spacecraft REGISTRATION, DE-REGISTRATION AND TOGCS 7.1. Registration - Introduction 7.2.
Deregistration 7.3. Transfer of a going concern ACCOUNTING FOR IPT 8.1. Introduction 8.2. IPT Accounting Schemes 8.3.
Bad debt relief 8.4. Adjusting for errors on IPT returns 8.5. Changes in IPT rates 8.6. Anti-forestalling provisions 8.7.
Lloyd''s IPT procedures 8.8. Record keeping requirements 8.9. Recovering IPT paid in error PENALTIES 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 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 APPENDIX 1: HMRC PENALTIES FOR FAILURE TO NOTIFY (FACTSHEET CC/FS11) APPENDIX 2: HMRC PENALTIES FOR INACCURACIES IN RETURNS (FACTSHEET CC/FS7A) APPENDIX 3: "CONNECTED" PERSONS APPENDIX 4: FORMS APPENDIX 5: EUROPEAN INSURANCE PREMIUM TAX (IPT) COMPARISON TABLE APPENDIX 6: IPT ERROR FLOWCHART.