Insurance Premium Tax


Also found in: Acronyms.

Insurance Premium Tax

A tax paid by insurers and insurance brokers in the United Kingdom. Insurers and brokers must pay the tax on all policies other than long-term insurance, such as life insurance, reinsurance and export finance.
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Chief executive Sue Weir said: "A proposed increase in insurance premium tax is not a policy that would be welcomed by our members, employers or the industry in general.
The PBBI GeoTAX Insurance Premium Tax solution automates the tax jurisdiction determination process for insurance carriers that are currently required to pay taxes on premiums written in an increasing number of states.
She is concerned about insurance premiums but insurance premium tax has been frozen so this is good news, and an increase in petrol duties has been frozen until September.
However, to add to their concerns, Customs and Excise is changing its policy so that some forms of GAP insurance not linked to any finance arrangements will be liable to Insurance Premium Tax at the higher rate.
There was further cheer for motorists with the decision not to increase insurance premium tax.
Vehicle Excise Duty,Capital Gains Tax and Insurance Premium Tax were all frozen by the Chancellor in apparent recognition of the difficulties currently faced by the UK haulage industry.
July 19 /PRNewswire/ -- Weeks after El Mirage City Manager, BJ Cornwall declared the city in a fiscal crisis and began to seek steep cuts from El Mirage firefighters, it was discovered that the city failed to apply for the Fire Insurance Premium Tax Distribution.
On the other hand, we welcome the fact that the Chancellor has frozen insurance premium tax (IPT).
The Government, meanwhile, has added fuel to the fire by slapping a sneaky insurance premium tax on top of the increases, a bad enough charge for the average worker who comes to renew their car insurance policy, but potentially crippling for small employers.
The Government raises pounds 2 billion a year in Insurance Premium Tax, that's five per cent of every insurance renewal.
The Treasury is found to be the big winner, taking pounds 11,000 (around 23 per cent) of total income generated, from VAT, road tax, fuel tax and insurance premium tax.
George Osborne has frozen fuel duty for the rest of the year, but drivers will be hit by a hike in Insurance Premium Tax from 6% to 9.
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