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Old 26.01.2019, 17:06
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UK Insurance Premium Tax calculation

Looking for help with a calculation please. I need to know how much I would have to pay for a premium which costs 1'799.--.

I believe I have to add 12% IPT to the premium to find out the total cost. I'm not sure if this is the current rate nor how it gets added on.
I am only sure that the premium without the IPT is 1'799.--, as this is what I have been given in a quote.
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Old 27.01.2019, 00:26
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Re: UK Insurance Premium Tax calculation

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Looking for help with a calculation please. I need to know how much I would have to pay for a premium which costs 1'799.--.

I believe I have to add 12% IPT to the premium to find out the total cost. I'm not sure if this is the current rate nor how it gets added on.
I am only sure that the premium without the IPT is 1'799.--, as this is what I have been given in a quote.
12% or 20% depending on the type of insurance
https://www.gov.uk/government/public...mium-tax-rates
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Old 27.01.2019, 07:23
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Re: UK Insurance Premium Tax calculation

Must be standard 12% as its for legal insurance.
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Old 27.01.2019, 07:37
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Re: UK Insurance Premium Tax calculation

I don't know why insurance is not subject to VAT, it would actually work out cheaper as insurance is Exempt rather than Zero Rated. The difference is insurance companies can't reclaim VAT like other business's so claims are 20% more expensive for non VAT registered individuals, i.e private insurance claims.
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