Insurance Premium Tax

Posted on by Anthony Wakefield & Co

Insurance Premium Tax is yet another tax that has to be paid with little or no benefit for the people that pay it! Originally set at 5%, by small steps it has been increased until, as from 1st October 2016, it now stands at 10% of all general insurance premiums (apart from Travel and some other specialist covers where it is 20%), including alterations and additions.

This makes it all the more important for you to ensure that you are insuring your home or business for the correct amount. Buildings insurance needs to take into consideration the rebuilding cost of the property, not the commonly held misconception that it should be the resale price.

Our recommended professional valuation consultants can give you the peace of mind that you need by assessing your precise insurance requirements and also recommend improvements to your risk protections that will save you money on your insurance costs.

They can also assist you with Contents and Fine Art valuations.

Call 01306 734105 for further details.