Business tax – policy paper

Insurance Premium Tax: increase to standard rate

This publication was withdrawn on 17 March 2016

This information has been updated please read Changes to Insurance Premium Tax: increase to standard rate.

This tax information and impact note affects all households and businesses that purchase insurance which is not exempt from Insurance Premium Tax (IPT).

Detail

This information has been updated please read Changes to Insurance Premium Tax: increase to standard rate.

The measure will increase the rate of IPT paid on premiums which are taxed at the standard rate of IPT by 3.5%. The new standard rate will be due on premiums treated by the legislation as received on or after 1 November.