All insurers authorised to write business under the Italian regime are required by law to make advance payments for the following year. These payments are calculated based on the previous year’s liabilities and so the amount can’t be offset until the beginning of the following year. But, what happens if during the following year, the insurer doesn’t have any IPT to offset or if there’s a big fall in the business that would have meant lower taxes for several years to come?
We’ve frequently seen this happen and especially in light of Brexit as some UK insurers have changed their structure to ease ongoing business with Europe. These changes have been in the form of portfolio transfers, mergers and even closures that may invariably cause the insurer to reclaim advance payments made to the Italian tax authorities.
Requesting reimbursement can be complicated and time consuming. Listen to our webinar to learn about certain key steps which can save you time and ease the process.
During this webinar you’ll gain insights into:
- The basics of Italian prepayment
- Upcoming changes and legal references
- How to prepare for a reclaim and the requirements
- What to expect and timings
- Your questions answered
The webinar was hosted by Hellen Msangya and Bev Gunner from our Compliance Services Team for IPT.