Insurance Premium Tax Increase

As you may have already heard from the Governments autumn statement last year, the Chancellor has has taken the decision to increase the rate of Insurance Premium Tax (IPT) which comes into effect today.

From the 1st June 2017 the standard rate of Insurance Premium Tax (IPT) has increased from 10% to 12%.

This affects new policies and renewals taken out from today or adjustments to existing policies which generates additional premium.

 

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