What is Insurance Premium Tax (IPT)?
Depending upon the country of residence of a policyholder, there may be a local tax payable on their medical insurance premiums. If any local premium tax does apply, such tax will be identified, accounted for and added to a premium at initial quotation or renewal. Taxes are known to apply to Austria, Belgium, Denmark, France, Greece, Ireland, Iceland, Italy, Luxembourg, Portugal, Slovenia, Spain and United Kingdom. For this reason, we ask for the country of residence at quotation. IPT accounts for slight variations in premiums, even in cases where there are two people of the same age, both requiring the same level of cover, area of cover and underwriting terms.
