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The Insurance Premium Tax Regulations 1994
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- UK Statutory Instruments
- 1994 No. 1774
- PART V
- Regulation 24
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Amount of premium
24.—(1) Subject to any direction made under section 66 of the Act, where in relation to any premium to which regulation 23(1) applies the amount which is entered in the accounts as due (the initial amount) is not the amount which is or would be found apart from the operation of the scheme to be the amount of the premium in accordance with the provisions of the Act the amount of the premium shall be taken to be the initial amount.
(2) Where paragraph (1) above applies and the amount of the premium which is received exceeds the initial amount, the excess shall be treated as a separate premium and shall be treated as received on a date determined in accordance with paragraphs (3) and (4) below.
(3) Where an amount of premium is treated as a separate premium in accordance with paragraph (2) above and—
(a)the initial amount is not less than the amount which has been agreed with the insured by the insurer or his agent as the amount which, as at the date the entry is made, is due under the contract; and
(b)the insurer makes an entry in his accounts showing the excess as due,
it shall be treated as received on the date he makes that entry in his accounts.
(4) In any case where an amount of premium is treated as a separate premium in accordance with paragraph (2) above and paragraph (3) above does not apply, the excess shall be treated as received on the date as at which the initial amount is entered in the accounts as due.
(5) An insurer who intends to enter in his accounts as due any excess over the initial amount of any premium which, if he were to make such an entry, would be treated as received on a date determined in accordance with paragraph (3) above may assume that it will be so treated until such time as he ceases to have that intention.
(6) Where in relation to an amount of premium which is treated as a separate premium in accordance with paragraph (2) above the date of receipt is a date other than the date determined in accordance with paragraphs (3) and (4) above, it shall be treated as not having been received by the insurer on the date of receipt.
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