IPT to increase by 0.5%

IPT to increase by 0.5%

Author
George McGuire
Posted
18 / 03 / 2016
Tagged
Insurance

In the Budget statement this week the Chancellor announced Insurance Premium Tax (IPT) will increase from 9.5% to 10% from 1 October 2016. All insurance policies renewing on or after this date will be taxed at the new rate. The extra money raised will help support flood defence systems around the UK.