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HMRC internal manual

Insurance Premium Tax

Maintaining the IPT Register: Overseas Insurers: Returns and payment of tax

CCU issues all returns and other centrally produced documents. Where an agent is UK based, CCU will send returns or other correspondence directly to them. However, where the agent is based in another EU member state or where a non-UK based insurer is dealing with their own IPT affairs, systems limitations make it necessary for all documents to be sent via the Insurance Unit of Expertise in London. They will maintain a record of all non-UK based registrations and will forward all documentation on to the non-UK address (this includes the Channel Islands). These internal procedures mean that there may be few days delay in the agent or insurer receiving their return forms. Once completed, all IPT 100 return forms should be sent back to CCU at the address shown on the reverse of the form.

Where possible overseas insurers and/or their EU-based agents should be encouraged to pay any tax due by electronic transfer and this is easily arranged with CCU. Payment can be made via direct debit, BACS or CHAPS from a UK bank account. In addition, we can accept electronic transfers from an overseas account; the insurer will need to discuss this with their bank. By notifying CCU and joining the credit transfer scheme, insurers or their agents can take advantage of an extra 7 days in which to pay. Where the insurer or agent prefers not to use an electronic payment method, we will accept payment by cheque etc, which should accompany the completed IPT return. While it is preferable for any cheques to be drawn on a UK bank account we can accept cheques drawn on an overseas account, although insurers or agents need to bear in mind that these may take longer to clear through the banking system. Where payment is received in a foreign currency, including Euros, any exchange rate fluctuation between that currency and Sterling will be borne by the business not by HMRC. Where payments are short, as a result of exchange rate fluctuations, the insurer may become liable to a penalty. Exchange rates comparisons tables are published on the HMRC website, although insurers or agents can refer to any UK published rates.