INSURANCE PREMIUM TAX
IPT applies to general insurance premium, there are currently two rates (12% and 20%). Various exemptions apply to IPT and manoeuvring through these for a policy with multiple aspects can be complex.
The following products are exempt:
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Life insurance
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Mortgage insurance
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Commercial ships and aircraft
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International railway rolling stock
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Lifeboats and lifeboat equipment
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Goods in international transit
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