Insurance Premium Tax(IPT)

We will be writing to all of our customers in October and November to provide exact details on how this change affects your premiums. If you have not received a letter by 30 November 2010 and would like to know how much your premium will increase by, please contact Customer Services on 0800 085 1692.

Meanwhile, we've put together answers to some of your questions on IPT below. If your question is not here, our friendly Customer Services Team will be happy to help. If you have any general questions about Stonebridge International Insurance Ltd. or our insurance products, please go to our Frequently Asked Questions section.

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• What is IPT?
  • IPT is a Government tax payable by Policyholders and accounted for by insurance companies and intermediaries that sell insurance within the United Kingdom, and the risk is located there.
• What is the rate of IPT?
  • There are two different IPT rates.
    - A standard rate, currently at 5%, which will change to 6% from 4 January 2011
    - A higher rate, currently at 17.5%, which will change to 20% from 4 January 2011
    The standard rate applies to Stonebridge International Insurance Ltd's products.
• Why is IPT increasing?
  • In the June 2010 budget, the Government announced that it would be increasing the rate of IPT from 4 January 2011. Further information on the June 2010 budget can be found at www.hrmc.gov.uk/budget2010.
• Why is my premium increasing?
  • Due to the Government's announcement that it will be increasing the rate of IPT from 5% to 6%, all customer premiums for Stonebridge International Insurance Ltd. will need to increase to accommodate the change in IPT.
• What date will my premium increase?
  • The change in IPT is effective from 4 January 2011. The new rate of IPT will start to be collected from your first premium due date after 4 January 2011.
• How much more can I expect to pay?
  • The increase in IPT is 1%, therefore the amount you can expect to pay depends on your current monthly premium. Exact details will be provided in the letter we send you shortly, or alternatively you can contact customer Services on 0800 085 1692.
• What if I live in the Isle of Man or Channel Islands?
  • IPT is not applicable to customers who live in the Isle of Man or Channel Islands, therefore your premiums will not be affected.
• What if I haven't received a letter?
  • If you have moved since you first took out your policy we may not have your updated contact details. You can update your personal details securely online or contact Customer Services on 0800 085 1692. Please note that we will never ask you to divulge any billing details online.