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HMRC internal manual

Debt Management and Banking Manual

From
HM Revenue & Customs
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Debt and return pursuit: Insurance Premium Tax: Earliest date for enforcement of an IPT debt

Overview

Most businesses file returns and pay tax quarterly. A return must be filed and paid within 1 month of the end of the relevant accounting period (Regulation 12 (3) and Regulation 15 of the Insurance Premium Tax Regulations 1994 [S.I 1994/1774]).

Lloyd’s syndicates may authorise Lloyd’s to file a consolidated return.

Central Collection Unit (CCU) (IPT) sends out IPT returns approximately 10 days before the end of the accounting period. Seven days after the due date (the last working day), CCU (IPT), issues a prime assessment in the absence of a return. Businesses paying by direct debit or credit transfer are given an additional 7 days to pay.

Enforcement timetable

The enforcement timetable for an IPT debt is generally:

Tax due return Due date + 1
   
Assessment issued in absence of a return 46 days from date of issue
Assessment issued in the absence of an acceptable return / officers’ assessment 46 days from date of issue
Assessment reduced or increased on review or on appeal to tribunal 31 days from the original date of issue
Interest 46 days from date of issue of the interest notice
Civil penalty 46 days from date of issue