CALL & QUOTE
01246 558844

Posted 26/10/15: Insurance premium tax increase

The standard rate of Insurance Premium Tax (IPT)  – the tax paid each time an insurance policy is purchased in the UK – is rising from 6% to 9.5% on the 1st November 2015.  The higher rate IPT on travel insurance will remain at 20%.

Read the ABI’s (Association of British Insurers) news release and see how this will impact on UK insurance premiums.

https://www.abi.org.uk/News/News-releases/2015/10/Insurance-Premium-Tax-increase-on-1-November-ABI-sets-out-the-facts

IPT was introduced in the UK on the 1st April 1997 at a standard rate of 4%.

On the 1st July 1999 the government increased the standard rate to 5% and later to 6% on the 4th January 2011.