Insurance Premium Tax to rise from November 1st

Announced in the July budget, The Government are increasing the standard rate from 6% to 9.5%
 
Chancellor George Osbourne announced that the standard rate of Insurance Premium Tax will increase from 6% to 9.5%.  This is the first increase since 4th January 2011 and takes effect on 1st November 2015.
 
Insurance Premium Tax is levied on all types of insurance risks located in the UK unless they are specifically exempt, such as life insurance and other long term insurance, commercial ships and aircraft and commercial goods in international transit.