Following the recent budget, the Chancellor has raised the standard rate of Insurance Premium Tax from 6% to 9.5% for all policies either incepted or renewed on or after the 1st November 2015.

Please be aware that adjustments made to existing policies renewed or incepted prior to 1st November will also be subject to the increased level of Tax.

All tax goes to HM Treasury and is not retained by HMG or the Insurer.

If you have any queries please contact your account handler.

Please see the document attached which explains Howe Maxted Groups response to the increased rate of Insurance Premium Tax (IPT) effective from 1 November 2015.