Insurance Premium Tax query

  Cara2 22:54 21 Jun 09
Locked

Sorry for off topic question, but you lot seem to have all the answers ....

Is Insurance Premium Tax, a tax which as a business, I can reclaim as VAT on my VAT return?

Thanks
Cara

  Simsy 08:59 22 Jun 09

In my experience the tax has always been included as part of the premium price, i.e. "(Inc IPT)" has always, (I think" been appended to the price quoted.

As such it is part of the cost, and the whole expense would be claimed as a valid expense. If that is done then you wouldn't claim the tax seperately as well.

I don't have a business so apologies if that doesn't help, or is wrong!

Regards,

Simsy

  Kevscar1 09:02 22 Jun 09

It.s not VAT so the answer is no.

  Cara2 11:17 22 Jun 09

Thanks for replys. Looks like I will have to re-do my VAT return.

Cara

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