IPT is Changing, Are You Ready?

Century is pleased to announce how it will be handling IPT charges on our motor accounts from 01/11/2015 to comply with the changes announced in the last budget.

Our insurer is registered on the Non-Concession basis and therefore may be different to some other insurers you are dealing with.

Non Concession Approach
Policy incepted/last renewed with effect on or after 01/11/2015:

9.5% IPT applicable to all transactions on that policy.

Policy incepted/last renewed with effect from 31/10/2015 or earlier:

6% IPT applicable to New Business.
9.5% IPT applicable to mid-term adjustments on or after 01/11/2015 where the adjustment premium is £0 or higher .
6% IPT applying to mid-term adjustments where the adjustment premium is less than £0 e.g. a return premium.

Examples:

For any MTA effective on or after the 1st November 2015 that generates an additional premium will receive an IPT rate of 9.5%.
For any MTA or Cancellation effective on or after 1st November 2015, where the New Business/Renewal is effective before 1st November 2015 that generates a return premium will receive 6% IPT.
For any MTA effective on or after the 1st November 2015, where the New Business/Renewal is effective before 1st November 2015 that generates an additional premium will receive 9.5%.
For any Cancellation effective on or after the 1st November 2015, where the New Business/Renewal is effective on or after 1st November 2015 that generates a return premium will receive 9.5%.