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Insurance Premium Tax (IPT) is set to rise from 10% to 12% in June 2017.
The third rise in two years for IPT was revealed during the Chancellor’s Autumn Statement.
Chancellor Phillip Hammond said: “Insurance premium tax in this country is lower than many other European countries and half the rate of VAT.”
“In order to raise revenue, it will rise from 10% currently to 12% next June.”
Who will this affect?
The IPT increase will affect anyone who is taking out an insurance policy on or after the 1st of June 2017. If you choose to take out a policy or renew before that date, then the current 10% rate will still apply for the first year of your cover.
If you need any assistance in arranging an insurance policy before the rise in Insurance Premium Tax please get in touch with us. Here at SG Chaseside Insurance Solutions, we believe in finding you the correct cover at the right price.