The Government has increased the standard rate of Insurance Premium Tax (IPT) from the current rate of 10% to 12% with effect from the 1st June 2017.
Any new personal or business insurance policy or any policy renewing from 1st June 2017 will be subject to the new 12% rate.
The higher rate of IPT, which applies to personal travel insurance is unaffected.
We will do our best to obtain the most competitive insurance products for you to help offset the impact of this increase.
If you have any questions about the increase, please contact us on 01622 620531.