Top 5: Tips for managing IPT
Tax expert Justine McInnes outlines what brokers can do to keep the changing IPT path as smooth as possible.
Insurance Premium Tax (IPT) is an unusual tax. Insurers are legally obliged to account to HMRC for IPT on policies sold by its brokers, but usually, the brokers are legally obliged to pay this IPT amount to the insurers.
This means that not only does the broker bear the cost of any IPT which it cannot pass onto the insured, but if any errors occur, it's the broker who is liable for underpaid IPT and associated costs.
With this in mind, and with the next IPT rate rise taking effect on 1 June 2017
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