The new standard rate of 10% will be due on insurance premiums on or after 1st October 2016. From 1st February 2017, the new rate applies to all premiums, regardless of when the contract was entered into.
All insurers who provide non-exempt insurance cover for UK risks, brokers and agents who act for them including all households and businesses that purchase this insurance will be affected. Personal Travel Insurance remains unaffected as the current rate for this still stands at 20%.
All documentation issued by insurers after 1st October 2016 will show the new rate of IPT.