IPT03300 | Overview and the law: scope of IPT

Section 49 of the Finance Act 1994 defines the scope of the tax:

Tax shall be charged on the receipt of a premium by an insurer if the premium is received-

(a) under a taxable insurance contract, and

(b) on or after 1st October 1994

Guidance on the key terms ‘premium’, ‘insurer’ and ‘taxable insurance contract’ can be found elsewhere in IPT as follows: