Adrian Smith Head of IPT at KPMG and Paul Chater Manager at KPMG provide an update about UK IPT
Before considering UK insurance premium tax (IPT) in any depth it is useful to remind ourselves of the basis for UK IPT being introduced. Article 33 of the EU Sixth VAT Directive (as superseded by Directive 91/680/EEC) permits each Member State to introduce an insurance premium tax within its own fiscal jurisdiction. Provided that the tax is not calculated by reference to an insurance company's turnover each Member State is free to define the scope of its tax by reference to Annex A of the First Non-Life Insurance Directive.
From a UK perspective the primary law relating to IPT can be found in the Finance Act 1994 (
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Adrian Smith Head of IPT at KPMG and Paul Chater Manager at KPMG provide an update about UK IPT
Before considering UK insurance premium tax (IPT) in any depth it is useful to remind ourselves of the basis for UK IPT being introduced. Article 33 of the EU Sixth VAT Directive (as superseded by Directive 91/680/EEC) permits each Member State to introduce an insurance premium tax within its own fiscal jurisdiction. Provided that the tax is not calculated by reference to an insurance company's turnover each Member State is free to define the scope of its tax by reference to Annex A of the First Non-Life Insurance Directive.
From a UK perspective the primary law relating to IPT can be found in the Finance Act 1994 (
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
