{
  "url": "https://openlegislation.uk/value-added-tax-etc-correction-of-errors-etc-regulations-2008/regulation-3",
  "json_url": "https://openlegislation.uk/value-added-tax-etc-correction-of-errors-etc-regulations-2008/regulation-3.json",
  "legislation": "uksi/2008/1482",
  "legislation_title": "The Value Added Tax, etc (Correction of Errors, etc) Regulations 2008",
  "legislation_url": "https://openlegislation.uk/value-added-tax-etc-correction-of-errors-etc-regulations-2008",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Insurance premium tax",
  "text": "(1) In regulation 13(3) of the Insurance Premium Tax Regulations 1994 (the IPT Regulations)—\n(a) for each “£2,000”, substitute “£50,000”;\n(b) for “the box opposite the legend “Overdeclarations from previous periods””, substitute “Boxes 6 to 8 (overdeclarations), as appropriate,”;\n(c) for “the box opposite the legend “Underdeclarations from previous periods””, substitute “Boxes 3 and 4 (underdeclarations), as appropriate,”;\n(d) then, after “accordingly.”, start a new line and continue—\n“But if Box 10 of the registrable person’s return for the accounting period requires an entry for net value of taxable premiums (excluding tax) that is less than £5,000,000 (see regulation 12 and Forms 4 and 5 in the Schedule), the total mentioned in sub-paragraph (a) or (b) must not for these purposes exceed 1% of that net value unless the respective total is less than £10,000.”.\n(2) In regulation 13(4) of the IPT Regulations, omit in both places “not exceeding £2,000”.\n(3) Substitute the forms in Schedule 1 as, respectively, Form 4 (IPT 100) and Form 5 (IPT 100L) in the Schedule to the IPT Regulations (insurance premium tax returns).\n(4) The amendments in paragraphs (1) and (2) only have effect in relation to the overdeclarations or underdeclarations in regulation 13(3) of the IPT Regulations which registrable persons first discover in their accounting periods that begin on 1st July 2008 or later.\nThose in paragraph (3) only have effect in respect of or as regards accounting periods that begin on 1st July 2008 or later.\n(See regulation 13(1) of the IPT Regulations for the meaning of “overdeclaration” and “underdeclaration”; section 73(3A) of the Finance Act 1994 for “registrable person”; regulation 2(1) of the IPT Regulations for the meaning of “accounting period”.)",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 1994/1774, amended by S.I. 1997/1157; there are other amending instruments but none is relevant."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1994 c. 9; section 73(3A) was inserted by the Finance Act 1997 (c. 16) sections 27(1) and 27(10)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2008/1482/regulation/3",
    "retrieved_at": "2026-10-29T03:29:58.345466+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}