INSURANCE PREMIUM TAX

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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.

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The following products are exempt:

 

  • Life insurance

  • Mortgage insurance

  • Commercial ships and aircraft

  • International railway rolling stock

  • Lifeboats and lifeboat equipment

  • Goods in international transit   

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