Insurance Premium Tax to rise from November 1st
Announced in the July budget, The Government are
increasing the standard rate from 6% to 9.5%
Chancellor George Osbourne announced that the
standard rate of Insurance Premium Tax will increase from 6% to 9.5%.
This is the first increase since 4th January 2011 and takes effect on 1st
Insurance Premium Tax is levied on all types of
insurance risks located in the UK unless they are specifically exempt, such as
life insurance and other long term insurance, commercial ships and aircraft and
commercial goods in international transit.