The UK Government announced on 8 July 2015 that they’ll be increasing the standard rate of Insurance Premium Tax (IPT).

The UK Government announced on 8 July 2015 that they’ll be increasing the standard rate of Insurance Premium Tax (IPT). From the 1 November 2015, IPT will be increased from 6% to 9.5% for all new business, renewals and additional premiums for mid-term adjustments (MTAs).
Main Features:
• the new 9.5% rate of IPT will be applied to new business and renewals with an effective date on or after 1 November 2015
• any additional premiums from MTAs on policies effective on or after 1 November 2015 will also be subject to 9.5% IPT
• any refunds must not exceed the amount of IPT originally paid to HMRC.