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Fast, accurate and consistent IPT calculation

TMF Group’s proprietary insurance premium tax calculator, IPT Quote, will revolutionise your IPT calculation and compliance – simplifying processes, automating procedures, reducing risks and cutting costs, all at a stroke.

Developed in close collaboration with the insurance industry, IPT Quote was first endorsed by the London and International Insurance Brokers’ Association (LIIBA) in 2011. A steering group of key industry professionals oversees its continuous development.

Worldwide, more than 5,000 insurance professionals in 100-plus markets now use IPT Quote. They are supported by TMF Group’s IPT centre of excellence and a global network of local compliance experts in more than 120 wholly-owned offices.

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A powerful and easy-to-use calculation engine computes tax liabilities and generates tax schedules for the most complex insurance programmes with astonishing speed, accuracy and convenience.

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A vast, real-time database of global IPT rates – the industry’s largest – contains 50,000 individual rates and many other insurance-related charges.

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An extensive database of IPT-appropriate legislation allows you to check all rates against the source legislation, with legislation summaries and live links provided for the  EEA component of the database.

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IPT Quote steering committee

The IPT Quote steering committee, run by TMF Group on behalf of a cross-industry membership, plays a key role in the highly technical and competitive world of multinational insurance. Paul Hampton, TMF Group’s head of IPT services and chair of the committee, explains how it works and why it matters.

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Insurance tax data to play key role in promoting industry standardisation

TMF Group’s specialised IPT compliance function, with its collaborative approach to system development for the insurance industry, has donated key insurance premium tax calculation assets to ACORD, the Association for Cooperative Operations Research and Development.

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  • Ensure consistent and reliable tax liability calculations across your entire portfolio of products and markets
  • Access summaries of EEA tax legislation with links to relevant sections and downloadable PDF documents
  • Check real-time IPT rates, pool contributions and parafiscal charges on insurance premiums for more than 250 products across 450-plus jurisdictions at the click of a mouse or tap of a screen
  • Access rate information on the move with the IPT Quote app (Apple and Android)
  • Use a streamlined, four-step process to calculate complex  tax schedules for multi–insurer, multi-line, multi-national programmes, complete with the functionality to handle:
    • Lloyd’s and company market permissions, including dual stamp treatments
    • Co-insurance and vertical placements
    • US Surplus lines and self-procurement taxes
    • Financial Interest Clauses and DIC-DIL
  • Calculate and report insurance tax liabilities for multiple policies across any number of territories using the IPT Drive aggregation module
  • Boost productivity with training on the current version and development updates and new functionality
  • Reconfigure and customise the system quickly and easily for tailored or blended products, specific local tax rates and user access requirements (by country and business line)
  • Reduce human error, cost and compliance risk by integrating IPT Quote fully or partially into your own information systems
  • Develop custom functionality with us
  • Join the IPT Quote steering committee to discuss and debate rate changes and new legislation, and to propose new functionality

A bespoke version of IPT Quote is specially adapted for the specific needs of captive insurers.

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IPT Quote version release notes

On 6th September 2020 TMF launched a new version of IPT Quote. The update included a number of functional and usability enhancements, including:

  • TYPE OF TAX ORDERING
    The 300 or so different types of tax we have within IPT Quote have been categorised into 14 type of tax groups, which will be displayed in a priority order depending on the group they belong to. This will improve the clarity of information displayed at the rate checker.
  • LINKING POLICY TYPE TO RATE SELECTION
    When creating a tax schedule, the policy type defined for each risk location can now be used to drive tax rate selections. This additional logic will further reduce the decisions users need to make when generating tax schedules.
  • UK DE MINIMIS REFINEMENTS
    The UK de minimis functionality has been refined to handle the scenario where there is a mixture of taxable and non-taxable UK premium split across two or more insurance classes.
  • EXCEL IMPORT TOOL REFINEMENTS
    The Excel import tool that is used to pre-populate country and allocation data when creating a tax schedule has been further refined to handle varying client data formats.
  • IPT DRIVE REFINEMENTS
    Our tax aggregation tool, IPT Drive, has been enhanced so more granular aggregations can be performed. For example, aggregations can now be performed on base currency, individual lines of business and individual countries across all tax schedules.

If you would like more details on IPT Quote and these recent developments please make an enquiry.

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Our Team

Paul Hampton

Head of Indirect Tax

Having spent much of his career working in transformation and technology change, Paul joined TMF Group in 2010 to become the driving force behind IPT Quote, our proprietary global insurance premium tax software. He now leads a highly experienced team of specialists providing a complete IPT service: calculation, compliance and consultancy.

Karen Jenner

IPT business development director

Karen is ACII qualified and has more than 25 years of technical and client management experience in the insurance industry, ten of them specialising in IPT. Her work with insurers and brokers in the London market has given her wide experience of IPT compliance in global and unconventional insurance programmes.  

Susie Crew

IPT compliance director – European carriers

Susie qualified as an accountant with Ernst & Young in 1994 and spent the early part of her career as an internal auditor in banking and insurance, moving into IPT in 2008.  Strong client management experience and technical knowledge of IPT compliance enables her to work closely with companies in the European and London markets. 

Ladislav Hanak

IPT compliance director – global carriers

Ladislav has specialised in IPT since 2010. His extensive experience solving complex IPT challenges has helped him build strong working relationships with European tax authorities in Germany, Austria, Switzerland and other jurisdictions. He has a master’s degree in economics (specialising in finance, banking and investment) and speaks six European languages, including English, German, Slovak and Czech. 

Joseph Finbow

IPT assurance director – captive practice

Joseph is a chartered accountant who started his career with KPMG. He now has more than a decade’s experience in handling global insurance premium tax issues.  His strong platform of knowledge and experience supporting captive insurers, P&I Clubs and other specialist insurers is complemented by his role researching and maintaining global insurance premium tax information. 

Steve Norman

Senior IPT compliance manager

Steve has worked in the IPT field for seven years joining TMF Group in 2015. In addition to his role managing the compliance team, he is heavily involved at every stage of the IPT compliance process for many insurers.

Christophe Bourdaire

IPT Quote Content Director

Christophe Bourdaire is responsible for the management of global tax rate content in our proprietary insurance premium tax software, IPT Quote. Christophe has over 10 years of experience in insurance premium tax compliance, encompassing the management of captive insurer’s tax compliance and providing consultancy and training services to the insurance industry. 

What clients say about TMF Group

Willis Towers Watson, an IPT Quote client since 2010, uses our rate checker and calculation tool in its multinational insurance business. Each year Willis Towers Watson uses IPT Quote to process hundreds of millions of pounds of global programme premium and perform complex tax calculations with speed and accuracy.

The firm is one of the largest international brokers, involved in some of the market’s most complex insurance placements and transactions, and working alongside some of the biggest insurance buyers and many different insurance carriers. For Willis Towers Watson it is vital to be able to understand the varying compliance requirements, tax liabilities and responsibilities which result from their insurance programme placements.

IPT Quote provides access to real time insurance tax rate data and makes it easy to create complex tax schedules when finalising insurance costs and premium allocations.

“The TMF Group successfully combines innovation in recording and delivery within a user-friendly platform relevant to all parts of the placement chain – client, broker and underwriter. Their proposition gives Willis Towers Watson, as broker, a centralised view of how underwriters facilitate tax across the whole industry (which is also recognised by the London Market Bureaux’s providers). We also receive the information we need to take a truly joined-up approach when our clients are obliged to settle taxes directly, outside of our contractual remit."

“Willis Towers Watson has worked as a collaborative partner [with TMF Group] for many years, from initial development right through to today’s delivery. Furthermore, our experience of the online and direct support is second to none, whether as platform delivery or liaising directly with the research and development team.”

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