News & Events 2010

As you are no doubt aware the Government has ordered an increase in IPT and VAT to start from January 4^th 2010.  

Therefore we will be increasing the tax on our insurance and VAT-able products in line with this.  

As a guide, here is how we will be implementing the changes:-  

Policies incepted or renewed on or after 4th January 2011
   ·            will attract the new IPT rate of 6% regardless of when the quote was provided
   ·            will attract the new IPT rate of 6% for any midterm changes which results in payment of an additional premium
   ·            will attract the new IPT rate of 6% rebate for any midterm adjustment or cancellation resulting in a refund of premium.  

Policies incepted or renewed prior to 4th January 2011

    ·            will attract the old IPT rate of 5%
    ·            Where a midterm change takes place on or after 4th January 2011 which results in an additional premium the new IPT rate of 6% applies to that additional premium

This will also apply to any of our VAT-able products as well.  

I therefore suggest that you ensure all new policies or renewals are done before this deadline in order to attract the existing rates of IPT and/or VAT.  

If you have any questions about this then please call our broker support unit on 0871 423 5251, who will be happy to help.