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RESEARCH and BRIEFINGS

Increase in UK Insurance Premium Tax

 


The UK Government announced on 23 November 2016 that the standard UK Insurance Premium Tax (IPT) will increase by 2% (from 10% to 12%), with effect from 1 June 2017. The higher rate of 20% for insurance supplied with selected goods and services (such as certain travel, motor cars, and domestic appliances) remains unchanged.

Our Adviser provides further details regarding this increase and offers some key points for you to consider in managing your total cost of risk including the premium tax liability thereon.