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Insurance Premium Tax on Administration Fees
The UK Chancellor of the Exchequer announced on Wednesday 9th December 2009 that Insurance Premium Tax must be applied to administration fees charged for work carried out in arranging and administering contracts of insurance in the same way that it is applied to premiums.
The effects of the Chancellor's announcement are far reaching for insurance intermediaries, and until it becomes clearer how this issue is to be resolved, Pantaenius has decided to waive the administration fee it currently charges on Yacht Third Party Liability Contracts.
The decision to waive the fee at this time will no doubt be welcomed by clients at a time when they are undoubtedly facing other financial pressures.
Clients who have already received an invoice for renewal dated on or after 9th December 2009 are therefore able to deduct any administration fee shown on the invoice. If you need any assistance or further information please call us on +44 1752 22 36 56 or mail us at info@pantaenius.co.uk.
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