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HMRC internal manual

Insurance Policyholder Taxation Manual

From
HM Revenue & Customs
Updated
, see all updates

Overseas insurers: appointment of a UK tax representative: requirements and exceptions

Requirement for a tax representative in the UK

Where the level of business with UK residents of an overseas insurer exceeds the £1million threshold - see IPTM9020 - it is required to have aperson in the UK acting as its tax representative unless it is released by HMRC from thisrequirement where certain conditions are met.

The overseas insurer may nominate the tax representative. HMRC also has the power toappoint a tax representative in the absence of a suitable nomination by the insurer. Thereis guidance on the procedure for nominating a tax representative in IPTM9070.

The main duties of a tax representative are to provide information about chargeable eventsand gains to policyholders and HMRC - see IPTM9100 and IPTM9110.

Release from the requirement to have a tax representative in the UK

An overseas insurer may be released from the requirement to have a UK taxrepresentative if it

  • agrees arrangements with HMRC to provide information about chargeable events and gains to policyholders and HMRC without appointing a tax representative - see IPTM9140 onwards, or
  • is resident in an EEA state under whose law it would be, and also was at 17 March 1998, a criminal offence for the insurer to disclose to HMRC the information about life insurance policies and policyholders required by the reporting rules in ICTA88/S552 - see IPTM9200, or
  • the level of business with UK residents ceases or reduces to a negligible level - see IPTM9200.
Further reference and feedback IPTM1013