Reminder - Insurance Premium Tax Increase

As we advised in our news story of 29^th June 2010, the Government is increasing the rate of Insurance Premium Tax (IPT) with effect from 4^th January 2011.

The standard rate of IPT is to increase from 5% to 6%, with the higher rate (applicable to Travel Insurance) increasing from 17.5% to 20%.

All policies which are renewed or incepted from this date, or any changes which result in additional premiums, will attract the new IPT rate.

Any quotations which are still valid and have been issued with IPT at the old rate MUST be accepted and begin on or before 3^rd January 2011 else a new quotation will be required.

More information about IPT can be found here*.

_{*Lyon Insurance Services is not responsible for the content of external sites.}