Commentary

V18.135 Registration of taxable intermediaries

Part V18 Insurance Premium Tax

V18.135 Registration of taxable intermediaries

V18.135 Registration of taxable intermediaries

A taxable intermediary is liable to register1 and account for IPT. An intermediary must use the cash method to account for IPT.

Regulations made under FA 1994, s 53AA(8) provide that a taxable intermediary must register on Form IPT12. If the taxable intermediary is a partnership, Form IPT2 should be completed as well3.

A taxable intermediary must notify HMRC within 30 days of forming the intention, or continuing to have the intention, of charging taxable intermediary's fees in the course of his business4.

For these purposes 'taxable intermediary's

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