Government launches IPT review
HMRC calls for evidence from the insurance sector, admitting the current IPT model can lead to “unfair tax outcomes in the insurance industry” but current 12% rate will not be examined.
HM Revenue & Customs has launched a call for evidence on the operation of the Insurance Premium Tax (IPT) and changes that may help to ensure it operates “fairly and efficiently”.
The review was first announced in the 2019 Spring Statement by Chancellor of the Exchequer Philip Hammond and the consultation will close on 17 July 2019.
The call for evidence will look at how the administration and collection of IPT can be modernised as well as the extent to which there are emerging practices
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