IPT07250 - Accounting for Insurance Premium Tax: IPT Accounting Provisions: Accounting arrangements for Lloyd's syndicates
With the exception of a small group, mostly motor insurance syndicates, all Lloyd바카라 사이트™s syndicates subscribe to a voluntary scheme whereby Lloyd바카라 사이트™s themselves prepare and submit a consolidated IPT return. Lloyd바카라 사이트™s use the written premium basis of accounting for IPT. Apart from the facility of the consolidated Lloyd바카라 사이트™s IPT return, there are no special rules for IPT accounting by Lloyd바카라 사이트™s syndicates.
Lloyd바카라 사이트™s motor syndicates are registered for IPT in their own right - they receive and submit their own returns.
The legislative provisions which provide the basis for the Lloyd바카라 사이트™s accounting arrangements briefly mentioned above are Regulations 9 and 12(2) of the IPT Regulations 1994.