In the Budget, the Chancellor, George Osborne, announced that Insurance Premium Tax (IPT) will be raised this November from 6pc to 9.5pc! The new rate will hit all types of general insurance policies ranging from Motor and Household through to Office, Employers Liability, Public Liability and Professional Indemnity insurance. The increase is expected to generate up to £1.75bn extra a year for the Treasury’s coffers.
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If you need any guidance on how Insurance Premium Tax (IPT) affects your policies, contact us and we will be happy to discuss this with you.
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