Standard Insurance Premium Tax (IPT) which is levied on most insurance policies will be increasing from 10% to 12% with effect from 1st June 2017 in line with the Government’s announcement in last years Autumn statement.
The 2% increase will effect new policies incepted as well as policies that renew on or after this date. Policies incepted or renewed prior to the increase date will incur the current 10% rate of IPT. The additional 2% does not, however, apply to the existing higher rate of IPT that is levied on some insurance premiums like personal travel - this higher rate will remain unaffected.
If you have any queries about your insurance policy with Click4quote and would like to discuss any concerns you may have regarding this then please contact us on 01206 655 899