In the Autumn Budget Statement the Chancellor announced Insurance Premium Tax (IPT) will increase from 10% to 12% from 1 June 2017. The rise will be the third increase since November 2015 and means IPT will have doubled from 6% to 12% in just over 18 months.
All new policies renewing on or after 1 June 2017 will be taxed at the new rate of 12%.
