The Chancellor announced in the Autumn Statement yesterday that the rate of insurance premium tax (IPT) will rise from 10 per cent to 12 per cent from next June 2017.

The rise will be the third increase since November 2015 and means insurance premium tax will have doubled from six per cent to 12 per cent in just over 18 months.

We will be contacting our clients separately about when this increase will apply to their own portfolios.