With effect from the 1st November 2015 IPT will increase to 9.5%. This will effect all new business, additional premiums, and renewals that incept from this date onwards.
Return premiums for business written pre 1st November 2015 that where originally charged at 6% will of course be returned at 6%.
Adjustments for business written before 1st November will be charged at 6% until the 31st of January. This will allow U-Sure to ensure Agents 30 day credit will be reconciled and presented to Xchanging with ample time.
If you would like more information from HMRC you can find more information here Gov.co.uk
If you are unsure please contact us where we will be happy to answer any queries you may have.
01633 225560
