IPT07850 | Accounting for Insurance Premium Tax: transitional accounting arrangements: penalties on errors relating to the rate changes

Penalties on errors relating to the rate changes

The tax has been in operation for a number of years and we expect insurers to be familiar with its operation. Penalties and interest as a result of errors made by insurers relating to changes in the rate of tax or to any extension of the higher rate, will be assessed on a case by case basis.