Highlighting News, Trends and Best Practices in Risk Management and Property & Casualty Insurance

UK's Insurance Premium Tax to Increase

Posted by Rachel Smith on Aug 12, 2015 7:00:00 AM

 

Effective 1 November 2015, standard rate of the UK’s Insurance Premium Tax will increase to 9.5% from 6.0% on new and renewal insurance policies. The higher rate of tax remains at 20%.

Also note that:

  • Transitional arrangements exist for certain business to continue at the old rate. 
  • Anti-forestalling provisions exist for attempts to avoid the increased rate by extending cover, advancing premium payments, or applying additional premiums.
Click Here to Download a Summary by Lloyd's.

Topics: Property&Casualty, WBN, International Bulletin, Insurance, Insurance Brokerage

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