From the 1st June 2017 there will be an increase to the Insurance Premium Tax (IPT). IPT is currently set at 10%, paid on the total value of the premium payable. The increased rate, which will apply to all transactions which take place after 1st June 2017, will be 12% of the premium value, excluding any fees.
For example, an insurance premium of £45.00 would currently attract a tax of £4.50, bringing the total payable with tax to £49.50. From the first June, the same £45.00 premium will attract IPT of £5.40, taking the total payable with tax to £50.40.
IPT is only payable on the value of the premium, not including the document fee or any other charges, such as those for online card payments.
Our competitive premiums have not changed and Store Insure will continue to offer some of the best value and most comprehensive insurance cover for your personal and business items which are stored away from home in specialist self storage locations and containers.