Posts Tagged: Insurance Premium Tax

IPT (Insurance Premium Tax) Increase – 1 June 2017

Posted by & filed under Business News.

On 1st June 2017, the IPT, a tax on general insurance premiums, will increase from 10 to 12 percent, meaning the tax has doubled in just 18 months. This increase will affect 27 million households, 17 million drivers and most businesses, potentially increasing their insurance premiums, according to the British Insurance Brokers’ Association (BIBA). When […]

Insurance Premium Tax is on the increase from 6% to 9.5%

Posted by & filed under Insurance Premium Tax.

Who is likely to be affected All individuals and businesses that purchase insurance which is not exempt from Insurance Premium Tax (IPT) and it affects all insurers that provide non-exempt insurance cover for UK risks. The measure will increase the rate of IPT paid on premiums which are taxed at the standard rate of IPT […]