Time to get excited about premium tax
The insurance industry is running out of time to come up with an effective way to manage contract tax, before the FSA steps in. Mike Stalley says the time for brokers to act is now
Do you get excited by tax? Unless you work in The Treasury or accounting profession I suspect the answer is a resounding "No". For most people, the mere mention of tax is a mental cue to fast forward to the next topic. However, if the insurance industry is to meet the challenge of contract certainty, premium tax is something it must begin to see in a different light.
The industry has just over a year to devise a system to achieve contract certainty, or the Financial Services Authority (FSA) has
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