The rate of Insurance Premium Tax (IPT) is due to increase from 10% to 12% from 1st June 2017.

The increased rate will apply to all insurance policies which are purchased on or after 1st June 2017. Any additional premiums processed on policies purchased prior to this date will not attract the increased rate as there is a 12 month transitional period, expiring on 31st May 2018.

For a comprehensive breakdown on how this will effect your insurance policies and how you should charge your customers please click here.