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Insurance premium tax (IPT) is a tax paid by some insurance companies and insurance brokers that sell taxable insurance within the United Kingdom. There are two different insurance premium tax rates:

• a standard rate of 5 per cent
• a higher rate of 17.5 per cent

You must register and account for insurance premium tax if you are an insurer providing taxable insurance. You will also have to register and account for insurance premium tax if you are an intermediary selling insurance subject to the higher rate of insurance premium tax and you charge a separate insurance-related fee, over and above the insurance premium itself.

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