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ARTICLE · 20 MARCH 2014

Insurance Premium Tax

Dillon Eustace
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A majority of EU Member States apply various indirect taxes or parafiscal charges to cross-border life assurance transactions.

European UnionInsurance
Dillon Eustace
Dillon Eustace
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Although some EU Member States do not apply any tax or charge to an assurance transaction when an insurer transacts life assurance business on a cross-border basis within the EU, a majority do apply various indirect taxes or parafiscal charges, including insurance premium taxes ("IPT") to the transaction with the policyholder. The tax structures and rates/charges imposed vary considerably from Member State to Member State.

Directive 2009/138/EC ('Solvency II), which lays down harmonizing rules for life assurance, non-life insurance and re-insurance, repeals amongst other EU directives, Directive 2002/83/EC (the 'EU Consolidated Life Directive'). Solvency II seeks to harmonise to some extent the indirect tax approach of EU Member States with regard to insurance products. Article 157 of Solvency II echoes the wording of Article 50 of the EU Consolidated Life Directive and provides that "every insurance contact shall be subject exclusively to the indirect taxes and

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