Insurance Premium Tax (IPT) Increases
IPT is a levy charged by the government on insurance premiums.
The rate of IPT has increased significantly from 2010 i.e.
- In 2010 IPT was 5%
- In July 2015 IPT increased to 9.5%
- In March 2016 IPT increased to 10%
- In June 2017 IPT increased to 12%
In the last seven years IPT has more than doubled and is therefore accountable for a significant increase in gross insurance premiums, however at the same time, many of our policyholders are benefiting from premium savings, by virtue of our effective re-broking, to ensure that the most competitive terms are secured.
What Can You Do?
If you have policies you would like us to review, to see if we can achieve further savings, please complete your details below and we will be in touch.