Insurance premium tax
Insurance premium tax (IPT) is a tax (authorised under European Community law) on the premium paid under taxable insurance contracts. It was introduced by the Finance Act 1994.
This note gives a general overview of IPT as it applies to practical issues commonly encountered by the practitioner.
NOTE: This resource is being reviewed in light of the 2015 Autumn Statement and Spending Review. For more information, see Legal Update, 2015 Autumn Statement and Spending Review: key business tax announcements.