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4 years ago · by · Comments Off on Insurance Premium Tax Increase to 12%

Insurance Premium Tax Increase to 12%

Insurance Premium Tax (IPT) increasing from 10% to 12%

From the 1st June 2017 the standard rate of Insurance Premium Tax (IPT) was increased from 10% to 12%.

All new policies and renewals that start on or after 1st June 2017 will be charged at the new IPT rate of 12%. Any mid-term adjustments to these policies that generate an additional premium will also be charged at the new IPT rate of 12%.

All mid-term adjustments that generate a return premium will usually be refunded at the IPT charged at the policy start date.

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David Wain Insurance
51-53 High Street
Swadlincote
Derbyshire
DE11 8JA

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david@davidwaininsurance.co.uk

01283 225188

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Saturday, 9am to 12pm