Insurance Premium Tax to increase to 10%

Insurance Premium Tax to increase to 10%

All households and businesses that purchase insurance which is not exempt from Insurance Premium Tax (IPT) will see that rate increase from 9.5% to 10%.

The new standard rate of IPT will be due on insurance premiums treated by the legislation as renewed on or after 1 October 2016, except where insurers operate a special accounting scheme. From 1 February 2017, the new rate applies to all premiums, regardless of when the contract was entered into.

Read the full article here:

https://www.gov.uk/government/publications/changes-to-insurance-premium-tax-increase-to-standard-rate/changes-to-insurance-premium-tax-increase-to-standard-rate

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