The Government has said it remains open to further discussions about the future of insurance premium tax (IPT), after analysing industry responses to a consultation on the controversial topic that it has been running over recent months.
HMRC this week published a summary of the 27 responses that it received in its call for evidence on how IPT operates.
The responses came from a range of organisations across the sector, including both intermediaries and insurers.
But a HMRC spokesman said that the responses illustrated different views and concerns and there remains no clear consensus or clarity on what specific changes could or should be made to IPT.
The spokesman said that HMRC still believes that there are “improvements” that could be made to IPT.
He said the Government would soon be asking for further evidence and will also attempt to clarify the responses previously received.
The spokesman said HMRC wants to focus on changes that could be made to IPT to make it simpler to administer for both industry and the Treasury, as well as on potential changes to the IPT regime which some claim to be unfair and counter-productive.
A date for this next stage of consultation will be set in due course.