By Simcox Brokers, Mar 17 2016 10:43AM
On 8 July 2015, the UK Government announced that they will be increasing the standard rate of Insurance Premium Tax (IPT).
In yesterday's budget, Chancellor George Osborne has since announced that he will be increasing insurance premium tax (IPT) by a further 0.5%. The Chancellor mentioned the money raised from this tax increase would be used to fund flood and storm defences.
Effective from 1 November 2015, IPT was increased from 6% to 9.5%. Effecive from October, 2016, the new rise will now bring the IPT rate to 10%.
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