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.
Members may access the summary by clicking here.
The report does not state when HMRC plans to launch the consultation. BIBA will continue to monitor the position and will inform members of any developments.
BIBA members’ compliance and regulation queries should be directed to: [email protected]