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HMRC internal manual

Insurance Premium Tax

Insurance premium tax: Accounting for Insurance Premium Tax: The special accounting scheme: Recording agreement about the use of an alternative tax point

Once a practical agreement has been reached about the use of a tax point other than the date as at which a premium is due to them, that agreement should be recorded in a letter to the person accounting for the tax (usually the insurer). It is sensible to request that the insurer provides their agreement, in writing, to the use of the tax point described in the letter.

Tax point practices which are not acceptableWe require insurers to be consistent. Inconsistent application of an agreed alternative tax point or manipulation or abuse of the tax point provisions is not acceptable.