Insurance Premium Tax (IPT) Increase
In the Summer Budget, announced 8 July 2015, the Chancellor confirmed an increase of 3.5% in the standard rate of IPT. This increase will see the standard rate move from its current 6% to 9.5%. The new 9.5% rate will be effective from 1 November 2015.
Our approach to the IPT charges is based upon the effective date of a transaction, rather than the date the transaction is processed. For Commercial policies, we will be adopting the Special Accounting Scheme transitionary period which will run 1 November 2015 to 29 February 2016.