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Insurance Premium Tax Rise Due On 1st November 2015


Tuesday, September 29, 2015
Insurance Premium Tax Rise Due On 1st November 2015

Insurance Premium Tax Rise Due On 1st November 2015

Insurance Premium Tax Increase Will Have
Direct Affect On Landlord Profits

As you may already know, the Government declared in the 2015 Summer Budget that there would be an increase in Insurance Premium Tax (IPT) for all insurance policies taken out by individuals and companies in the UK.

This will affect the cost of landlord insurance policies for all insurance services offered in the UK.

From 1 November 2015, the standard rate of Insurance Premium Tax (IPT) will increase from 6% to 9.5%.

What this means for landlords and letting agents property rental businesses

Policies Incepted or Renewed On or After 1st November 2015

  • Will attract the new IPT rate of 9.5% regardless of when the quote was provided or any rate guarantees that may apply
  • Will attract the new IPT rate of 9.5% for any mid-term change which results in payment of an additional premium

Policies Incepted or Renewed Prior to 1st November 2015

  • Will attract the “old” rate of IPT of 6%

However, there is some good news for landlords

Legal 4 Landlords, the UK’s leading supplier of specialist products and services to the UK lettings industry, have some truly unbeatable insurance policies for residential properties in the private rental sector (PRS)

• Quotations available for properties up to £5,000,000 (GBP) sum insured

• Automatic coverage for Loss of Rent up to 20% of the buildings sum insured

• Experienced underwriters on hand with authority for instant decisions

• No claims bonus available

• Multi location policies available

• Automatic cover included for domestic employees at £5,000,000

• Property Owners Liability £2,000,000 (GBP)

• There is also a wide range of standard cover included such as;

• Loss of Metered Water and Trace & Access cover.

What makes this landlord insurance so special is that all types of rental property can be accepted and the insurance product is very simple to use and is highly competitive in the UK marketplace with all types of tenant occupancy accepted, including:

• Owner Occupied

• Employed/Self Employed

• Retired Persons

• Holiday Home

• Students

• Unemployed Tenant – Independent Means

• Unemployed Tenant – Housing Benefit/DSS/Housing Association

• Asylum Seekers that have the “Right to Rent”

• Unoccupied

• Multiple Types of Tenants

Optional extra insurance cover is also available, including:

• Accidental Damage

• Increase Loss of Rent from 20% to 30%

• Legal Expenses and Rent Arrears

• Property Owners Liability up to £5,000,000 (GBP)

 

Don’t Delay – Call Legal 4 Landlords Today! –  0844 567 9002


This was written by Mike Clarke. Posted on at 10:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.