Insurance Premium Tax

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Insurance premium tax (IPT) is a tax on general insurance premiums within the United Kingdom.[1]

Law[edit]

The main law relating to IPT is in the:

Rates[edit]

There are two different insurance premium tax rates:

Insurers providing taxable insurance are required to register and account for IPT, as must intermediaries who sell insurance subject to the higher rate of IPT and charge a separate insurance-related fee on top of the premium itself.

Rate change history[edit]

From 1 April 1997, two rates where charged.

Standard rate:

Higher rate:

Exemptions[edit]

All types of insurance risk located in the UK are taxable unless they are specifically exempted. Exemptions from this tax include:

See also[edit]

Notes and references[edit]