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December 2016

The Government has announced that the standard rate of Insurance Premium Tax (IPT) in the United Kingdom will increase from 10% to 12% with effect from 1 June 2017.

This will be the third rise since November 2015, meaning that IPT will have doubled from 6% to 12% in less than two years. This comes as a challenge for customers large and small who are trying to manage their spending more than ever, as well as the costs on insurers to implement changes.

However, the recent announcement of the Government's consultation to crackdown on whiplash claims is welcome news. Reducing the costs associated with whiplash claims which all motorists face is all the more valuable against the impending IPT rise.

If you have any further questions about your customers policy, please contact your Account Executive.

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