IMPORTANT: Changes to insurance premium tax (IPT) from 1st November 2015
One of the most controversial and unexpected features of the Budget was an increase to IPT. Considered a necessity by the government but a surprise ‘stealth’ tax by industry insiders, the IPT increase has been met with consternation and confusion. The rate of IPT will be increased from its current rate of 6% to 9.5% —and will apply [...]