In yesterday’s annual Budget, the UK Chancellor confirmed ongoing work to review the current VAT exemption for financial services.
In addition to Value Added Tax, this will cover Insurance Premium Taxes which the UK is now free to incorporate into VAT. There are 2 rates of IPT: a standard rate of 12% and a higher rate of 20% on travel insurance, electrical appliance insurance and some vehicle insurance.
Source: vatcalc.com
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