Commentary

V18.147 Correction of errors

Part V18 Insurance Premium Tax

V18.147 Correction of errors

V18.147 Correction of errors

If an error is discovered in a return relating to a previous accounting period ending no more than four years ago it can be corrected in the next return1 provided:

  1.  

    •     the amount of the overdeclaration or underdeclaration is limited to £10,000 or, if greater, up to 1% of the net value of taxable premiums shown in box 10 of the IPT return not exceeding £50,0002, and

  2.  

    •     for overdeclarations, the registered person bore the cost of the error (ie the IPT was not borne by the customer or intermediary), and

  3.  

    •     the error is not

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