Industry News

In the 2015 budget, the Government announced an increase in the rate of Insurance Premium Tax (IPT) from 6% to 9.5%.

News Flash – IPT Increase Effective


 

September 2015


In the 2015 budget, the Government announced an increase in the rate of Insurance Premium Tax (IPT) from 6% to 9.5%.

IPT applies to all insurance policies, whether personal or commercial. With effect from November 2015, any new policy, renewal of an existing policy or mid-term adjustment to a policy will invoke an IPT charge of 9.5% instead of the current 6%.

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