Cost of insurance set to rise in June 2017 with IPT
increase
Insurance Premium Tax
(IPT) is set to increase to 12% in June 2017. This is the latest of a number of recent increases to IPT and means that the tax on insurance premiums will have doubled in less than two
years:
- November 2015 - IPT rose from 6% to 9.5%
- October 2016 - IPT rose from 9.5% to 10%
- June 2017 - IPT will rise from 10% to 12%
What's
IPT?
Insurance Premium Tax
(IPT) was first introduced in the UK in 1994, and is a tax on general insurance premiums (including home, travel and mobile phone insurance). There are currently two bands, with 10% being the most
common rate. A higher rate applies to travel insurance, appliance insurance and some vehicle insurance - which are all at 20% (the same as VAT).
Clearly the larger the insurance premium, the
more significant the effect of the recent IPT change will be. So this will hit customers of home and motor insurance the most.
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Within these pages we'll do our best to reassure you, as insurance is not complicated. It's about getting the right balance. Cover, cost and quality of insurance
company are among the factors you need to consider.
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- Established in 1988 at our Teesside Offices.
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standard.
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- NEBOSH qualified- John Sweeney.
- IOSH qualified- John Sweeney.
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If you need a second opinion on your insurances, please call or e-mail- Contract details are on the menu to the left. Thank You.
J. A. Sweeney (Managing Director)