Confusion on UK IPT increase
Tax compliance services firm, TMF Group, has highlighted the market confusion surrounding HMRC’s policy following the Budget announcement of an increase in IPT to 6%.
According to the company, when there is an IPT increase, doubt arises on the correct tax rate to apply because the rate is only set when the insurer actually writes up the contract in their accounting systems. This means that policies agreed by brokers and their clients which incept prior to the rate increase may actually be charged at the new higher rate if the insurer delays recording the contract. The firm noted that in such case, the insurer should revert to the insureds for the extra cash
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