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Response to HMRC IPT consultation
Justine McInnes

Insurance Premium Tax is a complex and unusual tax in that while it is the underwriter which is usually the “taxpayer” for IPT purposes, it is generally the broker which bears at least part of the cost of the IPT.

Good VAT news for financial services providers
John Forth

08 March 2019

Draft legislation issued last week appears to be very good news for FS providers who supply services to recipients located in the EU, and who currently suffer a significant VAT cost on such supplies – resulting from VAT recovery on the costs associated with these supplies being blocked.

Why insurance brokers are overpaying IPT and underclaiming VAT on data capture devices

14 November 2018

These days, even by Orwellian standards, the extent of the “data trail” which we all leave as we go about our daily lives is astonishing.

No IPT rate rise

29 October 2018

No IPT rate rise this Budget but does it really mean insurance premiums won’t go up? Justine McInnes talks about the common misconception that IPT is passed on to the insured and explains who really bears the cost of this poorly understood tax.

CJEU judgment could impact payment collection service providers and their customers
Justine McInnes

01 August 2018

A new judgment from the Court of Justice of the European Union (CJEU) could have significant VAT implications for providers of payment collection services and those that use their services such as charities, healthcare providers and businesses that accept payments by instalments.

New draft legislation could severely restrict VAT recovery by insurers
Justine McInnes

24 July 2018

New draft legislation issued by HMRC could potentially impose very significant restrictions on VAT recovery by providers of certain 'insurance related' services, RSM has warned.

Italian VAT decision could have implications for insurers and brokers
Justine McInnes

05 July 2018

Insurers, insurance brokers and outsourcing businesses who operate in Italy are advised to take note of a recent decision of the Italian Supreme Court (Cass No. 11442).

FS providers and outsourcing: the potential hidden VAT cost
Justine McInnes

01 May 2018

It is clear following Axa Denplan (CJEU Case 175/09), that services which fall within the description of “payment processing” will only qualify for VAT exemption in very limited circumstances.

Financial services providers: withdrawal of the cost sharing exemption
Justine McInnes

27 March 2018

Very broadly speaking, the UK and EU cost sharing legislation enables exempt/partly exempt organisations to manage their VAT cost on back office services by setting up a separate 'cost sharing vehicle' (CSV). Subject to some arguably, fairly stringent conditions being met, the supply of 'back office' services by the CSV will be exempt.

HMRC signals end to VAT cost sharing groups in financial services
John Forth

26 March 2018

HMRC has signalled the end of VAT cost sharing groups in the financial services sector after publishing a briefing paper on its response to a recent EU ruling. Although not widely used across the industry, VAT cost sharing structures operate as a valuable VAT cost reduction tool for financial services firms - particularly when combined with other VAT cost reduction mechanisms.

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