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- Insurance premium tax will rise this November from 6 per cent to 9.5 per cent - what does it mean for you?
Insurance premium tax will rise this November from 6 per cent to 9.5 per cent - what does it mean for you?
First, the Insurance Premium Tax (IPT) is an industry wide issue. It will affect all insurers in the same manner. This new rise will come into force from 1st November 2015, following the UK Government’s announcement in the recent Budget. While the UK is still amongst the lowest IPT rates in the EU the rate can reach 22 per cent in some European Union countries and we want you to be prepared for this change.
In this bulletin, we take a look at how you can best prepare for the change in a way that keeps your premium costs predictable while helping protect your bottom line.
To read the full article download the Insurance Premium Tax Bulletin.pdf