07 Oct 2015

Changes to Insurance Premium Tax

Following the 8th July Budget, with effect from the 1st November, Insurance Premium Tax (IPT) is increasing from 6% to 9.5%. This applies to both new and renewing policies. 

If your premium is £1,000 the tax currently payable would be £60. As of the 1st November this will increase to £95 when the property renews. 

This tax is non-discretionary and does not benefit any insurance company. 

Should you have any questions please do not hesitate to contact your broker.