Will insurance premiums go up due to VAT increase? When do you expect premiums to go up?

Asked by rollingstonesal

3 Answers

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Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
To my knowledge, insurance premiums are not vatable, as they are already subject to Insurance Premium Tax.

I'm not aware of any insurer increasing premiums due to the rise in VAT | 01.21.11 @ 06:54
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$commenter.renderDisplayableName() — {comment} | 09.23.17 @ 23:28
Answered by D C, IFA in Bristol, DEVON
Insurance Premium tax has itself risen, in January, from 5% to 6% of the premiums, all of which will rise accordingly. | 01.21.11 @ 09:46
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$commenter.renderDisplayableName() — {comment} | 09.23.17 @ 23:28
Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
IPT of 6% applies to most insurance policies with the exception of certain categories that are charged at a higher rate of 20%

the higher rate of 20% applies to insurances sold with a car purchase (but not car insurance), warranty products for domestic appliances and travel cover | 01.21.11 @ 11:08
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$commenter.renderDisplayableName() — {comment} | 09.23.17 @ 23:28
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Answered by

Paul Ross DipPFS CII(MP&ER)
Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE

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