30 April 2012

Yesterday the Italian authorities announced that the date for prepayment of IPT is to be brought forward from 30th November to 16 May.

As the announcement concerns only a change in the date for the prepayment it appears that the prepayment amount should be calculated using the percentage adopted for 2010 and 2011. On this basis the 2012 prepayment should be calculated as 40% of the amounts due in 2011 for IPT (less IPT on Third Party Motor Liability) and the Solidarity Fund (CONSAP).

With the new deadline only two weeks away we would urge all insurers writing taxable business in Italy to make urgent arrangements for the prepayment in order to avoid unnecessary penalty charges.