Insurance Premium Tax?


J

Juan Kerr

Anyone got an audit trail as to how this has risen by year?

I've just got a quote and it says the quote includes IPT at 17.5%?

WTF? I'm sure when it was introduced it was at the rate of 5%?
 
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M

Maria

Anyone got an audit trail as to how this has risen by year?

I've just got a quote and it says the quote includes IPT at 17.5%?

WTF? I'm sure when it was introduced it was at the rate of 5%?
There are two rates, 5% and 17.5% - the higher rate applies to

It applies to insurance sales in three trading sectors where insurance
is sold in relation to goods and services which are subject to VAT:

* sales of motor cars, light vans or motor cycles
* sales of electrical or mechanical domestic appliances
* sales of travel insurance.


http://tinyurl.com/6olvsz
 
T

tims next home

Juan Kerr said:
Anyone got an audit trail as to how this has risen by year?

I've just got a quote and it says the quote includes IPT at 17.5%?

WTF? I'm sure when it was introduced it was at the rate of 5%?
It was, but IIRC HMG got into trouble trying to apply 17.5% VAT on insurance
that was bundled with the purchase of something else and 5% on stand alone
insurance, so they made then the same percentage.

tim
 
®

®i©ardo

Juan said:
Anyone got an audit trail as to how this has risen by year?

I've just got a quote and it says the quote includes IPT at 17.5%?

WTF? I'm sure when it was introduced it was at the rate of 5%?

It depends on the type of contract. The standard rate *is* 5%, as you
say, but for vehicles and domestic and electrical appliances and travel
insurance the rate is 17.5%.

This *might* help you. Good luck!
 
®

®i©ardo

Toom said:
Yes New Labour call it a premium tax when you are *prudent* enough to
want to protect your property. Demanding a cut used to be called a
protection racket.

Toom
Now, now, nanny knows best. Go and sit on the naughty step. Gordie and
his Darling need your money far more than you do.
 
R

Ronald Raygun

Toom said:
Yes New Labour call it a premium tax when you are *prudent* enough to
want to protect your property. Demanding a cut used to be called a
protection racket.
But it's not a cut, it's an increase.
 
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