Impact of Insurance Premium Tax increase
As you may know, the government announced an increase to the standard rate of Insurance Premium Tax (IPT) in its Autumn Statement. This will affect the cost of our customers’ policies for health, dental and business travel. Cash plan premiums will be unaffected for now but will, most likely be adjusted, at renewal.
From 1 June 2017, the standard rate of Insurance Premium Tax for health, dental, business travel and stop loss insurance will increase from 10% to 12%. The higher rate of IPT which is relevant to leisure travel polices only, remains unchanged at 20%.
For an explanation of what this means for your premiums and if you have any further questions, please contact your account manager or myself email@example.com