NU Online News Service, June 22, 3:45 p.m. EDT
To balance its budget, the United Kingdom government included in its emergency budget an increase in the standard insurance premium tax rate (IPT) from 5 percent to 6 percent, which insurers say will hurt consumers.
The increase is part of a range of tax increases and spending cut measures aimed at bringing down the country's budget deficit, according to TMF VAT & IPT Services in the U.K., which provides international indirect tax compliance services.
There also is to be an increase in the U.K.'s value-added tax (VAT) from 17.5 percent to 20 percent, beginning Jan. 4, 2011.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
