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HMRC internal manual

Insurance Premium Tax

Calculating the value of the premium: purpose and outline of this section

This section provides guidance on how to calculate the value of a premium received by an insurer under a taxable insurance contract. If you are in any doubt that there is a taxable insurance contract in existence then you should refer to IPT03000 and IPT04000. If you are still uncertain, you should seek guidance from the UoE or the Financial Services Team (see IPT08100). Only once you are satisfied that there is a taxable contract of insurance in place should you consider the question of value of premium.