CIC Blog

Insurance Premium Tax (IPT) Changes

by Gareth Evans on December 3, 2015

As you might be aware, the Standard UK Insurance Premium Tax (IPT) Rate rose from 6% to 9.5% on 1st November 2015 in light of the Summer Budget announced by the Government in July.

This increase relates to all new business, renewals and mid-term additional premiums for mid-term adjustments.

New Business & Renewals:

All new business and renewals with an inception/renewal date on or after 1st November 2015 will be charged at 9.5%.

New business and renewals with an inception date prior to the 1st November 2015 will be charged at 6%.

Mid-Term Adjustments (MTAs):

For any MTA which results in a reduction in premium, the refund amount will reflect the original rate of IPT.  This means:

    • Effective date of MTA before 1st November 2015: 6%
    • Effective date of MTA on or after 1st November 2015: 6%

For any MTA which results in an additional premium, the amount will reflect the following rates of IPT:

    • Effective date of MTA before 1st November 2015: 6%
    • Effective date of MTA on or after 1st November 2015: 9.5%

The IPT charges outlined will be based on the effective date of a transaction.

Please do not hesitate to contact our team if you would like more information about these changes.

read more
Gareth EvansInsurance Premium Tax (IPT) Changes

New Website

by Gareth Evans on November 30, 2015

Welcome to the new website of CIC Insurance Services Ltd.

We will be using this page to post updates about the latest insurance news, advice and any company-related activities.

Watch this space.

read more
Gareth EvansNew Website