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HMRC internal manual

Insurance Premium Tax

Accounting for Insurance Premium Tax: transitional accounting arrangements: cash receipt method

There are no transitional accounting arrangements for insurers using the cash receipt method. If a premium, including an additional premium (AP), is received on or after the implementation date of the change in rate in respect of a taxable risk, IPT is due at the new rate. This would be the case even if the premium or AP related to a policy which related wholly to a period prior to that date.