HMRC to collect further evidence in changes to IPT consultation

Tax

HM Revenue & Customs (HMRC) has published a summary of responses received in its call for evidence on the operation of insurance premium tax (IPT).  HMRC said that 27 responses had been received from a range of organisations, including BIBA, illustrating different views and concerns and which did not make clear specific changes that could be made to IPT.

With regards to next steps, HMRC said that the government still believed that there were improvements that could be made to IPT.  The intention, therefore, is collect further evidence, and clarify the responses previously received, through a consultation on specific proposals. This consultation will focus on changes that could be made to IPT to make it simpler to administer for both industry and HMRC, and on changes which might address existing unfair outcomes, according to the report. This consultation could ultimately result in the government bringing forward legislation to enact the conclusions reached.

The report does not state when HMRC plans to launch the consultation. 

Authored by BIBA

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About BIBA

The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. 

BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.