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Reminder: Increase in UK Increase Premium Tax Rate

16th October 2015

The UK government has announced that the standard rate of Insurance Premium Tax (IPT) will increase from 6% to 9.5% with effect from 1st November 2015.

What does it mean for you?

As of 1st November 2015, the gross price paid on CLS’ commercial legal indemnity policies will increase to reflect the new 9.5% rate of IPT.

To download any of the published guidelines or for any further information please go to: https://www.gov.uk/government/publications/insurance-premium-tax-increase-to-standard-rate/insurance-premium-tax-increase-to-standard-rate

We are monitoring developments on the subject and will be able to assist clients with the transition to the new rate.

If you have any questions please your account manager on 01524 220000.

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