Insurance Premium Tax
We would like to inform you of a recent change to UK legislation regarding Insurance Premium Tax (IPT). In the last budget review, the government increased the IPT from 10% to 12%. This affects all insurance policies, including the After the Event (ATE) policy you may have taken out as part of your ongoing claim with us.
If, as part of your claim, you have chosen not to take out an ATE Insurance policy, then please ignore this. Otherwise, please see below.
As a tax levied by the government, the change means that there will be an increase in your premium, of no more than £10.00. For the purpose of clarity, the ATE, including this increase, is only payable should your matter be successful and would be deducted from any general damages as previously agreed.
This change in your premium does not affect the outcome of your claim in any way, and you do not need to take any further action in relation to this change. However, should you have any queries that you would like to discuss, then please do not hesitate to contact us.