The Insurance Premium Tax Regulations 1994

Claims in returns

18.—(1) Where this Part applies, the insurer shall be entitled to credit of an amount which represents the difference between the amount of tax paid by him and the amount of tax he would have been liable to pay had the premium received by him been reduced or extinguished, as the case may be, by the amount of the repayment.

(2) Subject to paragraph (3) below, an insurer who is entitled to credit under this Part may claim it by deducting its amount from any tax due from him for the accounting period in which the premium was repaid or any subsequent accounting period and, where he does so, he shall make his return for that accounting period accordingly.

(3) Where the Commissioners have given a special or general direction under section 55(5) of the Act prescribing rules according to which any credit may or shall be held over to an accounting period subsequent to that in which the premium or part was repaid, that credit, subject to any subsequent such direction varying or withdrawing the rules, may only be claimed in accordance with those rules.