UK Government Increases Insurance Premium Tax
The UK Government announced on November 23, 2016, that the standard UK Insurance Premium Tax (IPT) will increase from 10% to 12%. The increase will go into effect on June 1, 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. The change is subject to the Finance Bill 2017, to be issued next year.
Our Adviser includes full details on the increase as well as recommended steps businesses can take if they are affected by the increase.