Chancellor George Osborne announced the second increase to insurance premium tax (IPT) within months, taking the rate from 9.5% to 10%. The IPT rate was increased as recently as November 1 2015, with that hike making many families’ insurance bills around £100 higher typically, according to the Association of British Insurers (ABI). The November rise […]
Read More →Another Rise in Insurance Premium Tax
on March 22, 2016in Insurance News, Towan Insurance Newstags: insurance premium tax
Insurance Premium Tax (IPT) is due to change from 6% to 9.5%
on October 9, 2015in Financial News, Insurance Newstags: insurance premium tax
What’s this all about? From 1st November 2015 the rate of Insurance Premium Tax (IPT) is due to change from 6% to 9.5% for any new policies or renewals How does this affect you? We’ve already started issuing renewals and quotes for new business with a start date of 1st November and later and wanted […]
Read More →Budget results in insurance premium tax increase of over 50%
on July 22, 2015in Financial Newstags: insurance premium tax, travel insurance
The recent budget delivered many changes with winners and losers all round; insurance being one of the losers. The government has announced that Insurance premium tax (IPT) will increase by over 50% (6% to 9.5%) from 1st November 2015 and is forecast to generate around £1.75 billion a year for the Treasury. Travel insurance is […]
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