Insurance companies – IPT and the ‘reinsurance’ of surety bonds
Insurance companies that underwrite the risks associated with surety bonds should see a decrease in their Insurance Premium Tax, following the Tribunal’s decision in Travelers Casualty and Surety Company of Europe Ltd. The taxpayer appealed a ruling by Customs that contracts which insured the risks covered by surety bonds were liable to IPT and the Tribunal agreed that the contracts were of reinsurance and therefore exempt from IPT.
HM Revenue & Customs – Review of Powers
The consultation about the new powers of HM Revenue & Customs is due to conclude on 13th June. The consultation document, initially released on 24th March sought opinions about the relationship between the tax authorities and taxpayers. Businesses are invited to comment on the crossover of powers in the merged department. Any "levelling up" of powers with the merged department enjoying the greater of the powers of its predecessor departments seems
