IPT Update – October 2014

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Bahamas

All domestic insurance policies are exempt from VAT until 30 June 2015. From 1st July 2015 the exemption will continue to apply only on reinsurance and life policies and all other policies will be taxed.

Italy
Motor IPT rate is increased in the province Medio Campidano from 1 November 2014

UK
Flood Re levy plans for domestic property and fire policies are still on track for implementation in summer 2015

USA – Illinois
Stamping Fee will be increased on surplus lines policies effective on or after 1 January 2015.

Denmark
Government proposes to introduce annual duty on insurance premiums for indemnity insurance policies from 1 January 2015.

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