IPT Changes - 1st November 2015
Date: Thu 8th October 2015 | Author: Vince Brand
UK Insurance Premium Tax (IPT) Rate Change 1st November 2015
With effect from 1st November 2015 the standard rate of UK IPT will increase from 6% to 9.5%. The higher rate of IPT will remain at 20%.
How does this affect AutoProtect?
The following provides guidance on the arrangements leading up to and post the inception date.
Rules to be applied
- Any policy with a start date prior to the 1st November and paid in full will be at 6%.*
- Additional premium or policy changes prior to the 1st November 2015 will also be at 6%.
- Additional premium or policy changes after 1st November and before the 29th February will be at 6% as long as the original policy was in place prior to the 1st November 2015.
- Any refunds will be processed using the rate of IPT applied at the time of the original transaction.
- Any policy written/sold prior to the 1st November where the start date is after the 1st November will be at 6%.*
*providing the documents are with us before 31st December.
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