Management Clinic: Troublesome premium tax
Since the Chancellor made his announcement on extending insurance premium tax in December, nothing much more has happened. Should we be charging IPT to brokers' fees or doing nothing until there is a further government statement?
In common with most people in the industry, I was surprised by the way that this piece of legislation was presented, without really thinking through the implications for the unpaid tax collectors (such as you) who would be expected to implement and collect it. Needless to say, we had a number of enquiries from our clients for guidance and, apart from saying that they would provisionally need to make provision for collection, there was not a lot more we could add.
The British Insurance Brokers'
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