As many of you may already be aware, the IPT rate will be increasing on 1st November 2015.

IPT stands for Insurance Premium Tax and affects anyone who buys insurance which isn’t exempt from IPT, as well as insurers who provide the cover.

 

Insurance Premium Tax

The current rate of IPT is at 6%. This will be raised to 9.5% as a result of the Summer Finance Bill 2015, as part of the Summer Budget 2015. What does this mean to you? From 1st November, you will notice the IPT section of the premium will be adjusted accordingly in your insurance documents to reflect this increase.

 

For more detailed information, you can visit the government website.

Safely Insured are also happy to answer any questions you may have in relation to IPT, so please call us for more information should you require it.