Credit

V18.121 Credit

Regulations under FA 1994, s 55 provide for credit where a premium or taxable intermediary's fee is repaid1. Credit is given where2:

  1.  

    •     an insurer has paid tax on the premium and any part of the premium is repaid to the insured, or

  2.  

    •     a taxable intermediary has paid tax on a fee and any part of the fee is repaid to the insured

If a premium or fee is received and then repaid by the insurer or taxable intermediary in the same accounting period the tax is treated as having been paid when the entitlement to

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