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HMRC internal manual

Insurance Premium Tax

Accounting for Insurance Premium Tax: the cash receipt accounting method: definition of receipt ‘by an insurer’

The Finance Act 1994, Section 72(7) says:

Where anything is received by any person on behalf of the insurer-

(a) it shall be treated as received by the insurer when it is received by the other person, and

(b) the later receipt of the whole or any part of it by the insurer shall be disregarded | | ————————————————————————————————————————————————————————————————————————————————————- |

This means that the tax point under the cash receipt method of accounting is the date on which payment is received by any agent, broker or intermediary acting on behalf of the insurer as well as the insurer himself, subject to one exception for insurance salary deductions made by employers - see IPT07720.