Record Keeping: What records must be kept: Insurance premium tax general requirements
As well as having to comply with the record-keeping obligations for other taxes and duties, a person who carries out an insurance business also needs to keep specific records for insurance premium tax purposes.
Insurance premium tax
In order to show the insurance premiums received or written in the course of business, and any variations in premium value which may affect the IPT that an insurance business has to account for and pay, the business should keep the following records from the time of registration:
- any business and accounting records
- copies of all invoices, renewal notices and similar documents
- policy documents, cover notes, endorsements and similar documents or copies of such documents
- all credit notes and debit notes or other documents which show an increase or decrease in the amount of any premiums due, and any copies of such documents that are issued.
Taxable intermediaries should also keep records relating to any fees they charge.
Records not required to be kept
From 1 April 2010 HMRC can make regulations that may
- specify the records and supporting documents that must be kept
- specify the records and supporting documents that need not be kept
- make different provisions for different cases, and
- specify records by way of a notice.
We have not made any such regulations yet for insurance premium tax.