Changes to Insurance Premium Tax
It was announced in the March Budget 2016 that Insurance Premium Tax (IPT) placed on premiums will increase to 10%, the second rise to IPT within a year.
The new standard rate of IPT will be due on insurance premiums renewed on or after 1st October 2016, except where insurers operate a special accounting scheme. From 1st February 2017, the new rate applies to all premiums, regardless of when the contract was entered into.
Speak with our team
Do you have questions on how IPT will affect your insurance policies? If you would like to find out more, you can contact me on; email@example.com or 0121 423 6200
Karen Potts ACII Chartered Insurance Broker
Broking Services Director