Insurance Premium Tax
In July 2015, the Chancellor of the Exchequer delivered his Summer Budget to Parliament.
One of the most controversial and unexpected measures in that Budget was the 58% increase to Insurance Premium Tax (IPT), from 6% to 9.5%. This increase came into effect on 1st November 2015 and impacts on all premiums and specifically Building Insurance.
Our renewal quotations for 2016/2017 are due to be carried out in June 2016 and this issue will have an impact on premiums going forward.
lpm as ever, will work hard to negotiate the best quotes possible via the insurance market.
lpm Doing it the right way