Insurance premium tax - VAT recoverable?

[TUS 373]

When putting things like car insurance through as a business expense (VAT registered business), is it treated as Tax Exempt, 0 rated VAT, or is the 5% Insurance Premium Tax recoverable (as 5% VAT).

Sorry for the dummy question - just looking for a quick answer to this!

With thanks.

[Smartie]

its exempt and no, you cant reclaim the ipt! Sorry!

[TUS 373]

OK - many thanks

Edited by TUS 373 on Thursday 6th July 13:32

[insurance_jon]

it's not claimable back as on your vat return because it's not vat. it's a different sort of tax that no one can recover