Insurance Premium Tax increases by 3.5%

Insurance Premium Tax increases by 3.5%

Author
George McGuire
Posted
11 / 08 / 2015
Tagged
Insurance

In the summer budget the Chancellor announced the rate of Insurance Premium Tax (IPT) will increase from 6% to 9.5% for all new insurance policies from 1 November 2015. IPT is the equivalent of VAT for insurance products therefore will impact on the cost of insurance for policyholders.