Insurance Premium Tax: increase to standard rate.
Who will be affected? All households and businesses that purchase insurance, which is not exempt from Insurance Premium Tax (IPT). All Insurers who provide non-exempt insurance cover for UK risks.
The rate of IPT paid on premiums, which are currently taxed at the standard rate of 6% will increase to 9.5%. This change announced at the Summer Budget 2015 will be applied to premiums due on or after 1 November 2015. Certain categories of insurance such as Personal Travel are subject to a higher rate of 20%.
All documentation issued by insurers after 1 November 2015 will show the new rate of IPT. If you wish to discuss this change or you have any other questions please contact the office on 0151 609 3900 or email: email@example.com