VATINS8150 | VAT and Insurance Premium Tax (IPT): What is IPT?: Record Keeping

The following records should be kept by the business to show the insurance premiums received or written in the course of their business, and any variations in premium value which may affect the IPT they have to account for and pay:

• any business and accounting records they have

• copies of all invoices, renewal notices and similar documents which they have issued

• policy documents, cover notes, endorsements and similar documents or copies of such documents

• all credit notes and debit notes or other documents which show an increase or decrease in the amount of any premiums due, and any copies of such documents that they issue

• any other records specified by HMRC in updates to notice IPT1 or any other notices.