Insurance Premium Tax (“IPT”) changes
- Date: 27/09/2015
Following the Summer 2015 Budget announcement the IPT rate will increase from 6% to 9.5%. The rate change will be effective from the 1st November 2015, and there will be a transitional (concessional) period which will end on 29th February 2016.
What this means in practice:
Quote acceptance date on or before 31st October 2015:
| RATE | |
|---|---|
| Deposit Premium | 6.0% |
Balance Premiums and/or future Instalment Payments - invoiced on or before 29th February 2016 - invoiced on or after 1st March 2016 |
9.5% |
Mid Term Adjustments to cover / Endorsements - invoiced on or before 29th February 2016 - invoiced on or after 1st March 2016 |
9.5% |
Quote acceptance date on or after 1st November 2015:
| RATE | |
|---|---|
| Deposit Premium | 9.5% |
Balance Premiums and/or future Instalment Payments | 9.5% |
Mid Term Adjustments to cover / Endorsements | 9.5% |
Should you have any queries in respect to this notice please contact BLP Customer Support Team on 020 7204 2424.