Following the end of the transitional period relating to the Insurance Premium Tax increase from 9.5% to 10% please note the following:
For existing staged ATE insurance policies incepted before 01 October 2016 where the relevant premium stage remains unchanged the IPT applicable will remain at 9.5%, 6% if the policy was incepted before 01 November 2015 and an additional premium stage has not been triggered.
If a new staged premium is triggered after 31 January 2017, IPT will be charged at 10%. We will therefore endorse all policies after 01 February 2017 to record 10% for additional non-current premium stages. Please note this will not affect existing staged policies where IPT is recorded as inclusive.
Where the policy is not staged, specifically Clinical Negligence policies incepted after 01 April 2013 the IPT due increased on 01 February 2017 so that 10% IPT will be due where the case has not settled.
Delegated Authority Coverholders please refer to your Temple Online Policy System account for the current IPT applicable.
Non-coverholders please contact us (info@temple-legal.co.uk) if you have any queries.
