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Requirement for a tax representative in the UK

Where the level of business with UK residents of an overseas insurer exceeds the £1 million threshold - see IPTM9020 - it is required to have a person in the UK acting as its tax representative unless it is released by HMRC from this requirement where certain conditions are met.

»Ê¹ÚÌåÓýapp overseas insurer may nominate the tax representative. HMRC also has the power to appoint a tax representative in the absence of a suitable nomination by the insurer. »Ê¹ÚÌåÓýappre is guidance on the procedure for nominating a tax representative in IPTM9070.

»Ê¹ÚÌåÓýapp main duties of a tax representative are to provide information about chargeable events and gains to policyholders and HMRC â€� see IPTM9100 and IPTM9110.

Release from the requirement to have a tax representative in the UK

An overseas insurer may be released from the requirement to have a UK tax representative if it:

• agrees arrangements with HMRC to provide information about chargeable events and gains to policyholders and HMRC without appointing a tax representative - see IPTM9140 onwards, or
• is resident in an EEA state under whose law it would be, and also was at 17 March 1998, a criminal offence for the insurer to disclose to HMRC the information about life insurance policies and policyholders required by the reporting rules in ICTA88/S552 - see IPTM9200, or
• the level of business with UK residents ceases or reduces to a negligible level - see IPTM9200.