Tag Archives: tax

Changes in Insurance Premium Tax

Insurance Premium Tax(IPT) was first introduced in 1994: it’s an indirect tax applied by the government on all general insurance premiums.  Unlike VAT, companies are not able to claim this back from the HMRC. In recent years insurance premiums have, on the whole, been falling, which has resulted in a reduction of income for the Exchequer.  […]

The cost of exiting staff set to increase under new government consultation

The Government is consulting on “simplifying” the tax treatment of termination payments. A consultation by the Office for Tax Simplification in October suggested that all termination payments should be taxable (with some limited exemptions). Currently non-contractual termination payments under £30,000 in certain situations, such as where a termination payment is paid as compensation for damages […]