15th August 2016 Business News

Changes to Insurance Premium Tax (IPT) 2016

With effect from 1 October 2016 the standard rate of UK IPT will increase from 9.5% to 10% for all household and business insurance, which is not exempt from insurance premium tax.

The new standard rate of IPT will be due on insurance premiums treated by the legislation as received on or after 1 October 2016, however, there are some transitional arrangements that allow certain business to continue to be processed at the old rate of 9.5%.

From 1 February 2017, the new rate applies to all premiums, regardless of when the contract was entered into.

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