Insurance Premium Tax (IPT)

[kpodwyer]

I have received an email from my pet insurer that from November my policy increases by 47p a month due to the Government increasing Insurance Premium Tax (IPT) from November. I know this is a small amount but I took the policy out in July and pay monthly can they do this? Surely it only applies to policies taken out from November the 1st?

There is probably something in the small print of the policy stating that they will apply IPT at the prevailing rate at the time the monthly premiums are paid. If you had paid in one lump sum then the increase would have been on the annual renewal.

it applies to the month in which the premium is paid
if you pay monthly, changes in the rate will affect