Insurance Premium Tax increases again
With effect from 1st June 2017, insurance premium tax (IPT), has increased once again. This time the rate charged increased from 10% to 12%.
IPT is a tax imposed on general insurance premiums and will now have doubled in just 18 months. Estimates from the British Insurance Brokers’ Association (BIBA) suggest that 27 million households, 17 million drivers and most businesses will be affected by this change and will face increased insurance premiums.
For more information, please don’t hesitate to contact Rowlands & Hames.