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Insurance Premium Tax set to rise from 1st November 2015


 

 

What is Insurance Premium Tax (IPT):

IPT is a tax on general (both personal and commercial) insurance premiums and is the insurance equivalent of VAT.

 

There are currently 2 rates of IPT, a standard rate of 6% for general insurance and a higher rate of 20% for specific insurances such as travel insurance, mechanical / electrical appliances insurance and some vehicle insurances.

 

What has changed:

In this year’s summer’s budget, the chancellor announced that from the 1st November 2015, the rate at which Insurance Premium Tax (IPT) has charged and will increase from 6% to 9.5%.

 

This will affect all households and businesses in the United Kingdom, who are not currently exempt from IPT (such as in the Channel Island and the Isle of Man).

 

What does this mean for you and your business:

If you are looking to start a new policy on or after the 1st November 2015 or you are invited to renew your existing policy on or after this date, you will see the new increased IPT rate of 9.5% included within your premium. 

 

If you're an existing GM Insurance customer, with a policy start date before 1st November 2015, and you need to make change to your policy mid term, you will continue to have the 6% rate applied until 1st March 2016. After this date, the rate will be 9.5%.

Renewal Info


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