HAMMAD BAIG
TAX BARRISTER
VAT CUSTOMS DUTY AND EXCISE LAW
INTERNATIONAL TRADE ADVISER
FULL MEMBER OF THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE
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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