The Government have announced that it would be increasing the standard rate of Insurance Premium Tax (IPT) from 9.5% to 10% with effect from the 1st of October 2016 for all new business and renewals.
Please take this into consideration when carrying out your renewal review and calculating budgets for the forthcoming year.
New Business and Renewals:
All new business and renewals with a term start date on or after the 1st of October 2016 will be charged at 10%.
Mid Term Adjustments on policies incepted or renewed before the 1st of October 2016:
Additional premiums processed up to and including the 31st of January 2017 will be subject to the 9.5% Insurance Premium Tax.
If you require any further information please do not hesitate to contact your Regional Account Manager or call us on 0141 242 4861.