As of November 1st 2015, the amount of Insurance Premium Tax (IPT) that all customers nationwide are charged on their policies will be increasing from 6% to 9.5%. This Government decision was announced at the Summer Finance Bill 2015. Government Increase Insurance Premium Tax To Standard Rate This significant increase is neither decided nor endorsed by Connect Insurance Brokers Ltd; we are as disappointed as you are about this disheartening decision. As a result of the Tax Increase you may see a proportionate increase in the cost of your insurance premium at renewal. Connect Insurance will continue to fight on your behalf to provide the most competitive quotations possible.