Insurance Premium Tax
IPT is a complex tax with a number of unusual features. One such feature is that where a broker is involved in the supply chain, the commercial arrangements may actually result in the broker bearing the cost of the IPT – even though it is the underwriter that is liable to account for it to HMRC.
With the significant increase in the IPT rate in November 2015, and with indications that the rate is likely to continue to increase, it is essential to ensure that IPT compliance is properly managed, to reduce the scope for errors (and the associated potential penalties) and to reduce IPT leakage.
How BDO can help
We have substantial experience in the following areas: