Exchange rate to be used for paymentsThe payment figure shown in sterling on your Insurance Premium Tax return will need to be converted into euros. HMRC recommends that you use the UK market selling rate for the day that you are making the payment. You can get this information from the Financial Times or by phoning the HMRC Euro Helpline on Tel 01702 366 349.
The risk associated with the exchange rate fluctuations will be your responsibility, as the decision is yours as to whether you pay in euros or sterling. HMRC will continue to maintain their accounts in sterling and you will be credited with the actual sterling value HMRC receives after conversion by their bankers. The cost incurred by HMRC in converting euro payment into sterling will be met by HMRC.
Providing HMRC bank account detailsThe account name you should use is 'Central Taxes euro'.Note: Where an IBAN is shown you must give this number as well as the SWIFT BIC.If your payment is made using the wrong bank account details there may be a delay before your account is credited or your payment may not be received at all.
Your Insurance Premium Tax reference numberWhen making an Insurance Premium Tax payment you will need your reference number. This is the same as your registration number which is shown on your Insurance Premium Tax certificate of registration. The reference is made up of five digits.
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