Insurance Premium Tax (IPT) increasing from 10% to 12%
At the Budget in March 2017, Philip Hammond announced that there would be no further increase in Insurance Premium Tax. Despite this announcement, from the 1st June 2017, the standard rate of Insurance Premium Tax (IPT) was increased from 10% to 12% following the Autumn 2016 statement.
Insurance Act 2015
The Insurance Act 2015 becomes effective from 12th August 2106. Please click here to view our summary of the key aspects that may affect you and your business.
IPT Increase to 10% from 1st October 2016
Following the announcement by the Chancellor in the March 2016 Budget, Insurance Premium Tax (IPT), will rise from 9.5% to 10%. This increase will take place with effect from 1st October 2016 and will apply to all insurance premiums charged from that date.