Insurance Premium Tax On The Rise… Again!

Chancellor Philip Hammond has announced in today’s Autumn Statement that Insurance Premium Tax will rise for the fifth time in 6 years, in June 2017.

It comes as somewhat of a shock to the industry, which will see the tax rate double in only two years from 6% in 2015, to 12% in 2017.  Many hoped that the 0.5% increase in October 2016 would have been the final increase for the near future, but those with businesses, homes & cars will be hit again with rising premiums.

We will monitor the response of industry experts, and the potential implications to our clients.