Insurance Premium Tax (IPT) in IPMI

Understanding Insurance Premium Tax in International Private Medical Insurance

Insurance Premium Tax (IPT) is a tax levied on insurance premiums in many countries, including the United Kingdom. The purpose of IPT is to raise revenue for the government and to regulate the insurance industry. In the UK, IPT is applied to most types of insurance, including International Private Medical Insurance (IPMI). The amount of IPT charged on an insurance premium can vary depending on the type of insurance, the country it is purchased in, and the country of residency of the policyholder.