UK IPT Standard Rate
Basic Information
Tax Code
UK_IPT_STD
Country Codes
GBR
Currency
GBP
Status
active
Calculation Settings
Calculation Based On
premium
Calculation Type
percentage
Payable By
policyholder
Administered By
insurer
General Coverages on standard rate IPT
Coverages
Professional Indenmity
Management Liability
Notes
Notes for the tax coverage
Standard rates of IPT, currently 12%
Tax Table
Effective From: 2017-06-01
| Rule Type | Amount | Amount Type | Default | Applies to Standard | Additional Premium Types | Conditions |
|---|---|---|---|---|---|---|
| simple | 12 | percentage | — | No | — | None |
Effective From: 2016-10-01
| Rule Type | Amount | Amount Type | Default | Applies to Standard | Additional Premium Types | Conditions |
|---|---|---|---|---|---|---|
| simple | 10 | percentage | — | No | — | None |
Effective From: 2015-11-01
| Rule Type | Amount | Amount Type | Default | Applies to Standard | Additional Premium Types | Conditions |
|---|---|---|---|---|---|---|
| simple | 9.5 | percentage | — | No | — | None |
Custom Properties
| Key | Value |
|---|---|
| GENIUS_TAX_CODE_PERCENTAGE | IPTUK2 |
| GENIUS_TAX_CODE_AMOUNT | IPTUK |
Notes
Calculates UK IPT for standard rated coverages at these hsitoric rates
| Date of change | Standard rate (%) | Higher rate (%) |
|---|---|---|
| 01 October 1994 | 2.5 | N/A |
| 01 April 1997 | 4.0 | 17.5 |
| 01 July 1999 | 5.0 | 17.5 |
| 04 January 2011 | 6.0 | 20.0 |
| 01 November 2015 | 9.5 | 20.0 |
| 01 October 2016 | 10.0 | 20.0 |
| 01 June 2017 | 12.0 | 20.0 |