Following an insurance premium tax (IPT) increase in the 2015 budget from 6% to 9.5%, the chancellor of the exchequer announced a further increase in IPT to take effect from 1st October 2016.
The tax rate will be increased from the current 9.5% to 10% on all insurance policies renewing on or after this date. For further information, please click on the attached government website link:
Gov.uk
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