What is Insurance Premium Tax (IPT)?
Insurance Premium Tax (IPT) is a tax on general insurance premiums and there are two types of premiums. The standard rate of insurance premium tax is about to increase by 0.5%.
When does Insurance Premium Tax (IPT) increase?
On the 1st October 2016, the Insurance Premium Tax will increase by 0.5%. This means the standard rate of IPT will increase from 9.5% to 10%.
What will this benefit?
The impact of the increased standard rate of IPT will have a small positive impact consumer price indices (CPI) inflation.
The main benefit that will come from the increase in standard rate IPT is to help the government fund flood defences and resilience.
Do you think this will help people in need of flood defences? What are your thoughts?
Why not contact a member at Todd & Cue today to see if we can offer you a competitive quote or call us on 0191 482 0050?