Insurance Premium Tax Rate Change
In the Summer Budget 2015 Statement the Chancellor announced an increase to the rate of Insurance Premium Tax from 6% – 9.5%. This will affect all clients in relation to their personal and business insurance where the insurances are not exempt from Insurance Premium Tax.
The new standard rate will generally be due on all transactions from the 1st November 2015. There is an exemption that the new rate will only apply to premiums on or after the 1st March 2016 where the premium concerned relates to risks covered by a policy entered in to before the 1st November 2015.
For more information regarding this please speak to your usual contact at WPS or visit the HM Revenue & Customs website.
We are able to advise you on possible measures to revise your insurance cover If you wish to retain more risk and reduce your IPT burden. Please speak to your usual Account Handler or point of contact who will be happy to discuss options such as an increased excess where this is possible and in your best interests.
Find out more here: News Brief – The Insurance Premium Tax Hike