Welcome to Commercial Express

0800 978 8007

Insurance Premium Tax will increase from 10% to 12% (standard rate)

11 May, 2017

Following the HM Revenue and Customs (HMRC) announcement that Insurance Premium Tax will increase from 10% to 12% (standard rate) effective from 1st June 2017, we would like to take the opportunity to confirm our stance towards how the increase will affect you and your policyholders:

New Business/Renewals effective PRIOR TO 1 June 2017 – 10%

New Business/Renewals effective ON OR AFTER 1st June 2017 – 12%

MTA (AP/RP/Cancellation/NTU) on a policy with an Inception or Renewal effective date PRIOR TO 1 June 2017, regardless of MTA effective date – 10%

MTA (AP/RP/Cancellation/NTU) on a policy with an Inception or Renewal effective date ON OR AFTER 1st June 2017, regardless of MTA effective date – 12%

If you need any more information please contact Helen Bingham, Technical Underwriter on hbingham@commercialexpress.co.uk