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.
References in periodicals archive ?
As we demonstrate, the insurance premium taxes combined with multiple sales taxes paid or remitted by insurers increase the cost of insurance for consumers but bring in considerable revenues for provincial governments in particular.
In several states, state corporate income tax liabilities may be credited against insurance premium taxes, but more frequently (in 40 states) the premium tax is in lieu of the corporation income tax.
Over the past two years, some countries, including Colombia, Malta, Portugal, Slovenia, Italy and the UK, increased their insurance premium taxes on insurance products (EY 2015, 2016).
(7) In effect, insurance premium taxes were collected as a minimum tax, in lieu of the corporate income tax.
Confused.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. However, most of the funds are used for other purposes than regulation.
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. Achieving the goals of simplification and uniformity on this issue is likely to be difficult, given our state-based system of insurance regulation.
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.
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." According to the U.S.
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