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Questor Insurance News


Insurance Premium Tax Changes

Ever wondered what IPT stands for? Take a look below for more information on IPT and how it is changing on 1st November 2015.

What is IPT?

IPT stands for insurance premium tax, since 2015 the standard rate for IPT has been 6%. There is a slightly higher rate of 20% for travel insurance, electrical appliance and some vehicle insurance policies.

Insurance premium tax is a mandatory tax added to most insurance products excluding the few exceptions listed below:

What is exempt from insurance premium tax?

  • Long term insurance such as life insurance
  • Reinsurance
  • Commercial goods in international transit insurance
  • Commercial ship and aircraft insurance
  • Insurance policies located outside of the UK

How is IPT Changing?

From the 1st November 2015 Insurance premium tax will increase from 6% to 9.5% for all insurance products at standard rate IPT, there will be no change to products charged at the higher rate.

 

Date Created: 28 October 2015

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