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HMRC internal manual

Securities Guidance

Introduction and the law: the law on security: Insurance Premium Tax: power to require security for the payment of Insurance Premium Tax

Paragraph 24 of Schedule 7 to the Finance Act 1994 provides

24 Where it appears to the Commissioners requisite to do so for the protection of the revenue they may require a registrable person, as a condition of his entering into taxable insurance contracts, to give security (or further security) of such amount and in such manner as they may determine for the payment of any tax which is or may become due from him.