The government has just announced in its autumn statement that from the 1st June 2017 insurance premium tax (IPT) will increase AGAIN to 12%. Insurance premium tax in the last 18 months has increased from 5% to what will be 12%. At present time insurance premium tax is set at 10%, this was only introduced in October 2016.
I strongly believe this will not be the last rise in insurance premium tax as in the continent taxes on insurance premiums is at 20% and the government left themselves no room to increase the mainstream taxes at the last election.
We will do all we can to minimize the increases in your premiums, however, we cannot control taxes (unfortunately)!