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Budget 2003 Tax Facts

 

Content

Personal Taxation
Employee Taxation
Investment Reliefs
Capital Gains Tax
Trusts
National Insurance Contributions
State Pensions and Tax Credits
Inheritance Tax
Business Tax
Corporation Tax
Value Added Tax
Stamp Duty
Insurance Premium Tax

 

 

Insurance Premium Tax

Insurance premium (IPT) tax is charged on insurance premiums at 5% (general insurance) or 17.5% (travel insurance and warranties sold with cars and certain household goods). It is generally collected by the insurer as part of the premium.

Some long-term insurance products are exempt from IPT, such as term life insurance, endowments and pensions.
 
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