Insurance Premium Tax

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Insurance Premium Tax

A tax paid by insurers and insurance brokers in the United Kingdom. Insurers and brokers must pay the tax on all policies other than long-term insurance, such as life insurance, reinsurance and export finance.
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com's motoring editor Amanda Stretton said Whitehall was to blame as Insurance Premium Taxes jumped from ten to 12 per cent from Thursday.
According to the report, state insurance departments receive significant funds from regulatory fees and insurance premium taxes.
The IUA s new online service will sum up insurance premium taxes relevant in each of the nations in the European Economic Area.
The surplus lines industry continues to press for several changes to implement the NRRA, such as the process for payment of nonadmitted insurance premium taxes.
Further, because an allocation of the insured's premium is required under some circumstances, the process for paying the nonadmitted insurance premium taxes remains complex.
Finally, employers paying state insurance premium taxes on group-term life insurance (particularly larger employers) should consider sell-insuring a portion of the death benefits in order to reduce the premium taxes.
The bill also allows insurance companies--which do not pay state income tax--to receive credits based on the insurance premium taxes they pay.
In the letter, NCOIL said the proposal for a bifurcated regulatory system would "threaten the revenue stream that now flows to the states in insurance premium taxes.
Utilizing a modular design to support payroll, business personal property, and insurance premium taxes applications, the GeoTAX Enterprise Tax Management also features easy integration with existing systems and processes, and support for all major enterprise platforms, including mainframes, AS 400, Unix, Linux, and NT, as well as client/server and web-enabled options.
New software solution reduces the guesswork in tax jurisdiction assignment for sales and use, payroll, business personal property, and insurance premium taxes
It's no coincidence that self-insured employers are exempt from paying state insurance premium taxes and that many of the commissioners have been looking for a new source of revenue to subsidize the cost of small group market reforms," said Kinder.
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