IPT08210 - IPT audit assurance: legal provisions: the law
This section briefly outlines what legal powers officers hold.
Before 1 April 2010
All references in this sub-section are to the Finance Act 1994, as amended.
| ### - | ### Power or legal requirement | ### Location of relevant legal provision |
|---|---|---|
| 1 | Powers to require registrable insurers to keep records | Regulation 16, IPT Regulations 1994 (SI 1994/1774) |
| 2 | Powers to require the insured to keep records when subject to liability notice action | Regulation 41, IPT Regulations 1994 (SI 1994/1774) |
| 3 | Powers to require anyone (employees, directors, etc) concerned in an insurance business to furnish information about taxable contracts | Subparagraph (1), Paragraph 2, Schedule 7 |
| 4 | Powers to require brokers and agents to furnish information about insurance contracts (There is no provision in IPT law requiring a broker, or other non-insurer, to keep records, except in 2 above.) | Subparagraph (2), Paragraph 2 Schedule 7 |
| 5 | Powers to require information from an insured business | Subparagraph (3), Paragraph 2 Schedule 7 |
| 6 | Powers to require anyone concerned in an insurance business to produce records about insurance contracts for inspection | Subparagraph (1), Paragraph 3 Schedule 7 |
| 7 | Powers to require brokers to produce records about insurance contracts for inspection | Subparagraph (2), Paragraph 3 Schedule 7 |
| 8 | Powers to require production of records from a person with a lien over the records | Subparagraph (4), Paragraph 3 Schedule 7 |
| 9 | Powers to make copies or take extracts of records | Subparagraph (6), Paragraph 3 Schedule 7 |
| 10 | Powers to remove records | Subparagraph (7), Paragraph 3 Schedule 7 |
| 11 | Power to enter at any reasonable time the premises of an insurer, broker or an insured business | Subparagraph (1), Paragraph 4 Schedule 7 |
| 12 | Power to enter by force in event of a serious fraud | Subparagraph (2)(a) and(b), Paragraph 4, Schedule 7 |
| 13 | Power, after entry of premises by warrant, to seize and remove documents or other things | Subparagraph (3)(b), Paragraph 4, Schedule 7 |
| 14 | Power, after entry by warrant, to search people | Subparagraph (3)(c), Paragraph 4, Schedule 7 |
| 15 | Power of arrest | Subparagraph (6), Paragraph 4, Schedule 7 |
| 16 | Powers of access to third party information (bank records etc) in the context of offence investigation | Paragraph 4A, Schedule 7 |
| 17 | Powers of assessment | Section 56(1), Finance Act 1994 |
| 18 | Power to require security | Paragraph 24, Schedule 7 |
From 1 April 2010
A new framework for Information and Inspection Powers was put into operation by HMRC for IPT. Please refer to Compliance Handbook (CH21060) for further details.