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Insurance Premium Tax #456127
13/10/2007 15:28
13/10/2007 15:28

A
Akeme
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Akeme
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A



I dont know wether i just havent noticed for the last 7 years of my driving life but today i recieved my renewal quote from Admiral, all good and well as its gone down by about £180 but then i notice i have to pay £45 "Insurance Premium Tax" .

I google it and find out that obviously its the government taxing me to insure my car...what the f***?

Please correct me if this has always been so or are admiral ripping me off?

Re: Insurance Premium Tax [Re: ] #456170
13/10/2007 16:16
13/10/2007 16:16
Joined: Jun 2006
Posts: 32,122
Cumbria
stan Offline
Dr. Frankenstan
stan  Offline
Dr. Frankenstan
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Joined: Jun 2006
Posts: 32,122
Cumbria
It was introduced several years ago. I thought it was around 3% ?


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Re: Insurance Premium Tax [Re: stan] #456243
13/10/2007 16:57
13/10/2007 16:57

H
h2ypr
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h2ypr
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 Originally Posted By: stan
It was introduced several years ago. I thought it was around 3% ?


Its 5% IIRC. Government applied to all insuance policies i believe.

Ross

Last edited by h2ypr; 13/10/2007 16:57. Reason: Isle of Mann and Jersey exempt i think.
Re: Insurance Premium Tax [Re: ] #456792
14/10/2007 15:23
14/10/2007 15:23
Joined: Jun 2006
Posts: 32,122
Cumbria
stan Offline
Dr. Frankenstan
stan  Offline
Dr. Frankenstan
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Joined: Jun 2006
Posts: 32,122
Cumbria
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

Last edited by stan; 14/10/2007 15:24. Reason: added reference

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Re: Insurance Premium Tax [Re: stan] #457534
15/10/2007 14:11
15/10/2007 14:11
Joined: Dec 2005
Posts: 6,572
Northampton England
Sedicivalvole Offline
Club member 2092
Sedicivalvole  Offline
Club member 2092
Forum is my life

Joined: Dec 2005
Posts: 6,572
Northampton England
Government is shit.

They would sleep with your partner eat out of your fridge and knock up your sister if they could.

Revolution is long overdue....


Vinci Grey LE
Alfa 147 GTA 3.2 V6
BMW E92 M3 4.0 V8
Fiat Tipo Sedicivalvole 2.0 16v ABS
Re: Insurance Premium Tax [Re: Sedicivalvole] #457570
15/10/2007 14:37
15/10/2007 14:37
Joined: Jun 2006
Posts: 32,122
Cumbria
stan Offline
Dr. Frankenstan
stan  Offline
Dr. Frankenstan
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Joined: Jun 2006
Posts: 32,122
Cumbria
......don't, it'll just mean more work for me \:\(


\:D

Last edited by stan; 15/10/2007 14:37. Reason: hmmmm, think of the overtime though! :D

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