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.

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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; or 0121 423 6200




Karen Potts ACII Chartered Insurance Broker
Broking Services Director