Turns out there are two rates:
IPT is a tax on premiums (see paragraph 3.1) received under taxable insurance contracts (see paragraph 2.2).
There are two rates:
* a standard rate of 5 per cent (tax fraction - see paragraph 12.8: 1/21); and
* a higher rate of 17.5 per cent (tax fraction: 7/47) for insurance supplied with selected goods and services (see paragraph 2.4).
All types of insurance risk located in the United Kingdom (see paragraph 5.2) are taxable unless they are specifically exempted (see section 5).
Found the info
here