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Insurance Premium Tax (IPT) & VAT to increase

24.11.2010

From 04 January 2011 the VAT rate will increase from 17.5% to 20%. Also Insurance Premium Tax (IPT) will increase from 5% to 6% & IPT on individual travel insurance will increase from 17.5% to 20%.

How these increases will impact on your Private Healthcare policy will vary from Insurer to Insurer and when your renewal date is.

For Company schemes AXAPPP Healthcare have announced that they will absorb the increase for the first few months and then apply the increase from those schemes which renew from 01 April 2011.

For AXAPPP Healthcare Individual policies the increased rate will apply from those policies which renew after 04 January 2011.