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IPT Increase

Published: 19/11/15

November insurance tax rise

Earlier this year the UK Government announced plans to increase the standard rate of Insurance Premium Tax (IPT). So, from the 1 November 2015, IPT rose from 6% to 9.5% for all new business, renewals and depending on the particular circumstances, this also includes additional premiums for mid-term adjustments (MTAs). A concessionary period, until 29 February 2016 has been set for MTAs that fall under the following criteria:

  • the policy being adjusted started before 1 November 2015
  • the MTA must follow the insurers' normal practice; that any additional risks can be added to the existing policy, rather than being the subject of a new policy.
New policies or renewals before 1 November will be subject to IPT at the current rate of 6%.

The higher IPT rate applying to some specialist classes of insurance such as travel insurance and suppliers of motor vehicles & domestic appliances is unchanged at 20%. Similarly there are no changes to the exempt classes of insurance, such as life cover and critical illness and VAT remains unaffected.

The British Insurance Brokers' Association (BIBA) CEO, Steve White, said: "We are extremely disappointed in this rise in Insurance Premium Tax and will mean insurance will become more expensive for the public as a result. Those hit by this stealth tax will include the 20.1 million households with contents insurance; 19.6 million with motor insurance and 17 million with buildings insurance."

He added: "The Government has been working with the industry to reduce the cost of insurance for consumers - including a summit chaired by the Prime Minister. It therefore seems counterintuitive to be taking measures which will add to the cost - effectively taxing protection."

The Association of British Insurers estimates that the new tax rate will add £9.48 to the average annual household insurance policy and £12.25 to the average annual comprehensive motor policy.

Insurance experts are warning that the increase could encourage people to take more risks by reducing their personal protection, as well as push up the number of illegal drivers.

As far as commercial insurance is concerned Flint always conducts a thorough market exercise for all risks; the insurance we recommend is based on supplying the right cover, designed to properly protect the business and at the best possible price. We will continue to work with a large range of insurers to offer our clients the optimum choice.

The Government estimates that the move will raise an additional £1.5bn a year for the Treasury.

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