This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Insurance Premium Tax

Accounting for Insurance Premium Tax: IPT Accounting Provisions: Tax points

The tax point is the time from which tax is due. Where the tax point occurs in an accounting period, the IPT return for that period should show that tax as due and the net value of all premiums liable to IPT, whether this is the whole premium or the taxable part of it on a mixed policy. (In theory this includes the net value of de minimis premiums (see IPT05900), but you may agree that de minimis premiums are excluded from the total net value of premiums written if that is easier).

There are, as already stated, two methods of accounting for IPT, and two possible tax points. However, an insurer (or group of insurers) must only use one basis of accounting for the whole of their business.