"We have always absorbed the cost of IPT and will continue to do so"
• 1 October, 1994 - introduced at 2.5%
• 1 April, 1997 - rises to 4%
• 1 July, 1999 - rises to 5%
• 4 January, 2011 - rises to 6%
• 1 November, 2015 - rises to 9.5%
• 1 October, 2016 - rises to 10%
• 1 June, 2017 - rises to 12%
The new standard rate will be due from 1 June 2017 on premiums received on or after 1 June 2017 which relate to risks for which the period of cover under the terms of an insurance contract begins on or after that date.
There will be a backstop date of 1 June 2018 from which all premiums received will be subject to the increased standard rate of IPT regardless of whether they are received in respect of new or existing risks and regardless of when the cover for those risks begins under the contract.
Luke Burton, Director at Rent4sure, said, “At a challenging time for agents when fees are under scrutiny, Rent4sure is committed to helping agents in any way that we can. Through negotiating favourable deals with suppliers, we have taken the commercial decision not to pass IPT increases onto our customers. We have always absorbed the cost of IPT and will continue to do so, as it increases again this month.”
