Budget 2016 Insurance Premium Tax Rises to 10%

Wednesday, March 16th, 2016

In his Budget Speech today, the Chancellor of the Exchequer, George Osborne, has announced an increase in the rate of Insurance Premium Tax from 9.5% to 10%. The new rate will apply to all new policy premiums, renewals and any mid-term increases.

This uplift follows an increase from 6% which was applied from November 2015. It is unprecedented for this tax to be increased so dramatically over such a short period and this will affect domestic buyers of insurance and businesses alike. Please be assured that Insurance Services Surrey, with agency arrangements with over 40 insurers and through our partners in the Lloyds of London market, will continue to offer policies which offer good value and we are happy to discuss any concerns you may have.