Insurance Premium Tax
Insurance Premium Tax rises from 1 October 2016
Insurance Premium Tax rises by 0.5% from 9.5% to 10% from 1 October 2016 leading to higher premiums for insurances such as car, house and pet insurance. The tax paid on a £50 premium would rise from £4.75 to £5.00. The money raised by this additional 0.5% will be used to enhance flood defences in Leeds, York, Calder Valley and Cumbria and for maintenance of existing defences.