Changes to Insurance Premium Tax - Important Information
What is changing?
As you’ll be aware, earlier this year, the government announced plans to change the rate of Insurance Premium Tax (IPT).
This will affect the premiums across our general insurance product range.
Here are the key details:
- For any policies taken out before 1 June 2017, IPT applies at 10%.
- For any policy incepted or renewed on or after 1 June 2017, IPT will apply at 12%.
- For full or partial policy cancellations, IPT should always be refunded at the rate that was previously charged.