Insurance Premium Tax (IPT) is a fiscal levy imposed on insurance premiums in many jurisdictions, significantly affecting the total cost of coverage for policyholders and the competitive positioning of insurers. Professionals must navigate complex, country-specific rules on rates, exemptions, and cross‑border placements, ensuring accurate calculation, reporting, and remittance. Missteps in IPT compliance can result in penalties, reputational damage, and friction with multinational clients, making robust tax governance and systems integration critical.
Insurers, health providers and SMEs warn of rising costs and missed chances to ease pressure on the NHS and small firms
Latest data shows IPT receipts running £115 million higher than the same period in the previous financial year
Delving into the association’s annual drive for brokers
Late-autumn surge helped push receipts beyond £6.7bn, marking an all-time high
