Insurance Premium Tax

[Deleted member 24925]

Is Insurance Premium Tax outside scope of VAT?
When entering IPT into Sage is it included in same Nominal Code as insurance or into another seperate Nominal Code?

Any advice appreciated

 

[David Griffiths]

Use the same code as the insurance - basically enter the total cost of the insurance as one amount, VAT exempt. There's nothing to be gained by separating out the IPT