IPT04965 - Liability of insurance contracts: Higher rate of IPT: Other matters
Changes in tax rate
See IPT07800 for the arrangements in place to deal with a change in the tax rate.Intermediaries involved in higher rate contracts
From 1 May 1997 certain intermediaries known as ‘taxable intermediaries’ providing services relating to higher rate contracts may be required to be registered for IPT. See IPT06800for details.Recording higher rate IPT on the IPT return
There are separate boxes on the IPT return which relate to the selective higher rate of IPT. Insurers must separately identify their higher rate and standard rate tax liability.