The Government announced on 8th July that it would be increasing the standard rate of Insurance Premium Tax (IPT) from 6% to 9.5% with effect from 1 November 2015 for all new business, renewals and additional premiums for mid-term adjustments, (in addition the higher rate of IPT remains at 20%).
|The rules for implementation are –|
Policies Incepted or Renewed On or After 1/11/2015
Mid Term Adjustments on policies incepted or renewed before 1st November 2015:
i) Where there is a RP and a refund is required:
ii) Where there is an AP