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HMRC internal manual

Insurance Premium Tax

IPT audit assurance: IPT calculations: rate of tax

You should establish that the rate of tax charged is appropriate for the insurance underwritten and the tax point. The tax point is important as there have been a number of rate changes since the introduction of the tax. Further information on the dates of rate changes are in IPT07855. Further information on the premiums subject to the higher rate of tax are in IPT04900.