The Summer Budget 2015 announced that Insurance Premium Tax (IPT) will increase from 6% to 9.5% effective from 1st November 2015.
Please see below how the change will affect your insurance policies;
New Business & Renewals
- All policies that incept or renew on or after 1st November 2015 will have an IPT rate of 9.5% applied
- These will depend on the arrangements between the insurers concerned and the HMRC. The new increased standard rate of IPT (9.5%) may apply to MTAs from 1 November 2015 or from 1 March 2016.
If you need any further clarification or information regarding these changes then please do not hesitate to contact our Client Servicing Team on 0207 199 6612.
To find out more you can visit the Government website here.