Increase in Insurance Premium Tax from Today
From the 4th January 2011 the government has increase the level of insurance premium tax levied on the price you pay for any insures products. This will affect all types of insurance contracts from private medical insurance, car insurance to home insurance.
The old rate of insurance premium tax rate of 5% will be increased by 1% from today, 4th January. This is a cost that has to be added by the insurers so it is now more important than ever to make sure that you have a good broker working with you to help keep the increases of your healthcare and other insurance contracts to a minimum.
The new rate will apply any changes made to the policy after today and then at renewal. Annual payers will not see an additional invoice for the extra 1% but any new joiners will be charged at the new 6% insurance premium tax rate. Monthly players will not see any change either unless they make changes to the scheme and these will be charged at the new 6% insurance premium tax rate. The new insurance premium tax rate of 6% will be applied to the renewal of the insurance contract.
Health Matters always strives to provide a quality service that suits your needs at the most competitive premium available. Please feel free to contact our friendly team to discuss how this might affect you and your company and see how we can help.
James Henson 4th January 2011