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2004 Budget - Tax Facts

Introduction

Personal Taxation

Employee Taxation

Investment Reliefs

Capital Gains Tax

Trusts

National Insurance Contributions

Tax Credit

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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