Insurance Premium Tax Increase to 12%

The Government has announced that the standard rate of Insurance Premium Tax (IPT) in the United Kingdom will increase from 10% to 12% with effect from 1 June 2017.

This will be the third rise since November 2015, meaning that IPT will have doubled from 6% to 12% in less than two years.

This comes as a challenge for customers large and small who are trying to manage their spending more than ever.