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What is Insurance Premium Tax (IPT) and is it included?

April 26, 2017included Insurance IPT Premium tax

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What is Insurance Premium Tax (IPT) and is it included?

2 Answers

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A. Insurance Premium Tax (or IPT) is a mandatory tax set by the government (currently 17.5% on travel insurance) applied to the selling price of all travel insurance policies. Unfortunately, like VAT you have no option but to pay IPT and as such our quotes already include it. However, IPT is unlike VAT inasmuch as you cannot reclaim it if your purchase is a business purchase.

0

Posted

A. Insurance Premium Tax (or IPT) is a mandatory tax set by the government (currently 17.5% on travel insurance) applied to the selling price of all travel insurance policies. Like VAT you have no option but to pay IPT and as such our quotes already include it. However, IPT is unlike VAT inasmuch as you cannot reclaim it if your purchase is a business purchase.