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In the Autumn Statement on the 23rd November 2016, the Chancellor announced a further increase in insurance premium tax by a further 20%, the tax action which faced a hike in November 2015 from 6% to 9.5% of insurance premiums was then increased again in October 2016 to 10% of insurance premiums.
This latest increase is set to take effect on the 1st June 2017 and will see insurance premiums from this date being subject to insurance premium tax of 12%.
The Treasury have said that this is a tax on insurers and it is up to insurers whether they pass the increase on, However this is a tax on the premium charged by insurers to customers and as a result it will be purchasers of insurance who will ultimately pay this tax.
Ravenhall will continue to ensure our clients get the best value for their insurance programme, and customers can rest assured that as an advice led insurance broker, Ravenhall have their best interests as a priority at each renewal.
