I’ve just been ranting to myself about just how much I’ll be paying the government this year in Insurance Premium Tax and went to Google to find out if others feel as I do and, if so, why do I never hear anything about it in the media?
Do you know how much Insurance Premium Tax you pay on your car / home / travel / pet / business insurance premiums each year? Would love to know what people out there think - Google tells me that 2/3rds of people don’t even know what this tax is (I used to work in insurance, so I did know all about it), but it’s clearly shown on your renewal invitation for every policy, so I find that surprising.
I have to admit I just pay it without taking too much notice as we can’t do anything about it but it is annoying, we will be taxed on tax before long.
What with buildings, contents and the additional amount for the pleasure of having a a craft room and working from home and then public and product liability, holiday/weekends away insurance and OH’s car they certainly get plenty out of us all
Hi Debbie. I remember when IPT was 5%! Which as you’ll know now stands at 12%.
After nearly 25 years in the insurance industry, I’m certainly aware of it but I guess because of my job, I don’t really think about it as it’s somewhat ‘normal’ for me. That said, I think you’re right - I suspect i’d be wide eyed if I actually sat down and calculated how much I personally pay in IPT per year.
It’s a real stealth tax.