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Finance Act 2008 will remove the requirement for overseas insurers to
appoint a UK tax representative. Overseas insurers will in future be able
to choose whether or not to appoint an agent to act for them in the UK, and
the law will also be changed so agents or representatives no longer have
joint and several liability for the Insurance Premium Tax (IPT). Joint and
several IPT liability will also be ended for policy holders except in
circumstances where the insurer is not located in the EU or covered by
mutual assistance directives or similar arrangements.
Our View
These
changes follow a consultation last Autumn and should make compliance
easier for non-UK insurers. |
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