Assessments: errors discovered in values used on the return
The statistics on the value of gross premiums given on the IPT return will be used to inform decisions about the future of the tax. Therefore it is important that the figures held on the BTOps accounting system are as accurate as possible.
Clearly, only significant errors will affect the overall position. It is not possible to quantify what is meant by “significant” in any particular instance. Use your common sense about whether an error your insurer makes will have any material effect. If it will, notify amendments to the net value of taxable premiums to BTOps (see IPT01200).
Sometimes, you will be able to assess that an error was material but be unable to determine its exact value. In these cases, where you cannot confirm actual values per period, estimate them. Record the basis of your estimation in the insurer’s folder. Explain to the insurer what you have done and ask them to calculate the exact values as soon as possible. Then notify BTOps of the actual values.
The importance of correct premium values should be emphasised to insurers who have made errors in this respect.