VAT on vehicle insurance?


F

Fred

A quick query which I would appreciate an answer.

There is a premium tax I believe around 5%. Is this like VAT and
reclaimable if VAT registered?

Am I correct in assuming there is no VAT on such a premium.

Just that whilst the premium has been paid I don't have the invoice at hand.

Any replies greatly appreciated.
 
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D

Doug Ramage

Fred said:
A quick query which I would appreciate an answer.

There is a premium tax I believe around 5%. Is this like VAT and
reclaimable if VAT registered?
No, it is a separate iisue.
Am I correct in assuming there is no VAT on such a premium.
Yes, insurance premiums are normally exempt.
 
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B

BT

Fred said:
A quick query which I would appreciate an answer.

There is a premium tax I believe around 5%. Is this like VAT and
reclaimable if VAT registered?
It's like VAT but it's called Insurance Premium Tax (IPT) and isn't
reclaimable.
Am I correct in assuming there is no VAT on such a premium.
Yes, insurance premiums are usually exempt from VAT.

Robert Killington
 

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