Tax Defence insurance
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Main exclusions

 

  1. any claim made, brought or commenced outside the Territorial Limits;

  2. any claim where the Professional Expenses are capable of being reimbursed under any other policy or certificate;

  3. any cause or event occurring prior to or existing at inception of this Policy which the Insured knew or ought reasonably to have known was likely to give rise to a claim;

  4. an enquiry under Public Notice 160 or Section 60 of the VAT Act 1994 or matters handled by HM Revenue & Customs Specialist Investigations, Civil Investigations of Fraud and Criminal Investigations Sections. Also Code of Practice 8 and 9 cases and/or the defence of any criminal prosecution;

  5. any claim made where

    (a) Income Tax or Corporation Tax self assessment returns are submitted outside the statutory time limits, except for Income Tax self assessment returns where HMRC accept the reasons for the delay; or

    (b) the Insured has not notified chargeability to tax within the statutory time limits; or

    (c) a return is submitted at the final filing date which contains provisional figures in respect of all of the trading income and expenditure;

  6. an investigation arising out of a voluntary disclosure made to HMRC in respect of omitted tax, NIC or VAT liabilities which become due as a result of an Insured’s deliberate act or following an HMRC amnesty where the Insured has made an incorrect return to HMRC;

  7. Professional Expenses incurred before the written acceptance of a claim by ATP;

  8. taxes, fines, interest or any other duties or penalties imposed or assessed upon the Designated Agent or Insured by any revenue authority, court or tribunal;

  9. any dispute arising under the National Minimum Wage Act 1998 or the Tax Credits Act 2002;

  10. the cost of preparing and reconciling returns, accounts, records or any other statutory returns, and the cost of professional valuations to support them;

  11. Professional Expenses incurred in respect of any

    (a) HMRC Enquiry into a tax planning arrangement where HMRC has allocated a Disclosure of Tax Avoidance Scheme (DoTAS) Number for inclusion on the relevant self assessment return or where a DoTAS Number would have been issued but for the failure to notify HMRC of the tax planning arrangement; or

    (b) any matter relating to bespoke tax planning outside of the normal trade such as film partnerships or film schemes, or planning involving artificially created losses or loan arrangements.

  12. Routine compliance checks conducted by HMRC where there is no statutory notice issued, including Employer Compliance and VAT control visits.

 

[see specimen policy]