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UK: IPT rate increase
Published on the 25th May 2017

A reminder that the standard rate of UK Insurance Premium Tax (IPT) will be increasing from 10% to 12% on 1st June 2017 Published by Lloyd’s 23 May 2017

Effective 1st June 2107, the standard rate of UK IPT increases from 10% to 12%. The higher rate remains at 20%.that the standard rate of UK Insurance Premium Tax (IPT) will be increasing from 10% to 12% on 1 June 2017.

All new policies and renewals incepting on or after 1 June 2017 will be subject to the new standard rate of 12%. However, business processed in relation to cover that incepted prior to 1 June 2017 (e.g. additional premiums) may be taxed at the 10% rate if it is processed (signed by Xchanging or Lloyd’s Direct Reporting) on or before 31 May 2018 and does not constitute a “new risk”. Return premiums should be processed using the tax rate applied to the original premium being adjusted.

Standard-rated business processed after 1 June 2018 will be subject to the new rate of 12%, irrespective of inception date.

For more detailed information please discuss with your Client Manager at Hera Indemnity, including the definition of “new risk”, or please refer to the Lloyd’s Market Bulletin Y5070.




 
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