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With effect from 1st June 2017 the standard rate of insurance premium tax (IPT) will increase by 2% from 10% to 12% as announced by the Government in December 2016. Below is how we perceive most insurers will deal with the application of IPT with the issuing of policy documentation: NEW BUSINESS & RENEWALS • Policies with inception or renewal date on or before 31st May 2017: Rate of 10% will apply • Policies with inception or renewal date on or after 1st June 2017: Rate of 12% will apply MID TERM ADJUSTMENTS Additional Premiums • Policies with inception or renewal date prior to 1st June 2017: Rate of 10% will apply • Policies with inception or renewal date on or after 1st June 2017: Rate of 12% will apply However from 1st June 2018 we would expect everything to be charged at 12% if not before EXCEPTIONS • Travel Insurance option continues at 20% • Exempt policies such as those for risks in Channel Islands â–ª Certain Aviation Risks
If you have any queries please call 0208 309 1717 to speak with your Account Handler. |
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