TFP Schemes - our approach to changes in IPT from 1st June 2017
TFP's approach to the increase in IPT from 1st June 2017
In the Autumn budget the Chancellor confirmed an increase in the standard rate of IPT from 10% to 12%. This change will be effective from the 1st June 2017.
TFP Schemes Position
We can confirm the following approach during the transitional period will apply to all TFP policies:
New Business And Renewal Transactions
- Inception / renewal date before 01st June 2017 - 10%
- Inception / renewal date on or after 01st June 2017 - 12%
Mid Term Adjustments (MTA's) on policies incepted or renewed before 01st June 2017
Return Premiums (RP's)
- Effective date of MTA's before 01st June 2017 - 10%
- Effective date of MTA's on or after 01st June 2017 10%
Additional Premiums (AP's)
- Effective date of MTA's before 01st June 2017- 10%
- Effective date of MTA's on or after 01st June 2017 - 12%
All policies with an inception/renewal date of 1st June onwards will be subject to the standard IPT rate of 12%.
Please ensure that your clients are aware of these changes. More information can be found on the Gov UK website.
If you have any queries or require any further information, please do not hesitate to contact us.
Fraud and Compliance Manager