Posts Tagged ‘Insurance Premium Tax’

Changes to the Rate of IPT (Insurance Premium Tax)

In the 2010 emergency budget, IPT was increased from 5% to 6% in line with the increase in VAT.  The increase will take place on the 4th January 2011.  It is currently estimated that IPT will raise £2.3 Billion in tax per year.  It was feared by the insurance industry it could be doubled to bring it in line with other European Countries, where the average is 10%.  However, in Germany it is 19% and Italy 22%.  There are some exemptions in the payment of IPT, for example, commercial goods in international transit and risks located outside the UK.

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