IPT03300 - Overview and the law: scope of IPT
Section 49 of the Finance Act 1994 defines the scope of the tax:
Tax shall be charged on the receipt of a premium by an insurer if the premium is received-
(a) under a taxable insurance contract, and
(b) on or after 1st October 1994
Guidance on the key terms ‘premium’, ‘insurer’ and ‘taxable insurance contract’ can be found elsewhere in IPT as follows:
Key terms | Guidance |
---|---|
Premium | IPT05150 |
Insurer | IPT03500 |
Insurance contracts | IPT03700 provides a definition of insurance and explains how to determine whether there is a contract of insurance |
Liability (taxable insurance contracts) | Dealt with in IPT04000 |