2 December 2014

Tax authorities in these countries have adopted an approach similar to HM Revenue & Customs in the UK. Namely, as part of a tax audit the authority will interrogate insurance programmes purchased by corporate insureds and relay the data to the relevant IPT authority. The IPT authority, in turn, will identify the relevant amount of IPT and cross reference to the insurer tax ID and determine whether the correct amount of IPT has been declared at the correct time.