The Government has announced that it would be increasing the standard rate of Insurance Premium Tax (IPT) from 10% to 12% with effect from the 1st of June 2017 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 June 2017 will be charged at 12% Insurance Premium Tax.
Mid Term Adjustments on policies incepted or renewed before the 1st of June 2017:
Additional premiums processed up to and including the 31st of May 2018 will be subject to the 10% Insurance Premium Tax.
If you require and further information please do not hesitate to contact your Regional Account Manager or call us on 0141 242 4861.