Insurance Premium Tax (IPT) Increase – 1st October 2016

In November 2015 Insurance Premium Tax for general insurance products in the UK was increased to 9.5%. From 1st October 2016 this increased to 10% (remaining at 20% for Travel insurance). As we explained at the time of the last increase in tax, increases are applied by the government and this element of your premium is passed on to them in its entirety.
This change affects all insurers. It is likely that the change will result in an increase in the total premiums paid for insurance this year but we would like to remind you that at Sherwin insurance we have access to a wide range of comprehensive and competitive insurance products, for both the personal and business markets. If you would like to discuss with us the impact of IPT on your insurances or any other aspect of your insurance requirements then please contact us either via the Contact Page or on 01332 372387.