News in brief
Insurance Premium Tax
A reminder that Insurance Premium Tax rose by 3.5% last November to 9.5% so if you are yet to renew your insurances, you will notice the new rate on your invoice. Whilst this pushes up the overall cost of your insurance, the advice remains to avoid the temptation to counteract this by reducing protection. Making sure that the correct cover is in place remains as vital as ever.
The Insurance Act 2016
As we flagged in the Autumn 2015 newsletter, this piece of legislation will come into force in August 2016. It is intended to modernise how general insurance is transacted, particularly for businesses. It will also make some new provisions if things go wrong. As the months pass we will be talking to all our clients about the Act, and explaining how it affects the way that information is exchanged between you, us as your broker and the insurer(s) of your business.
So for now watch this space, we will be in touch.