07 Oct 2015
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.