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What is insurance premium tax (IPT)?
Insurance Premium Tax (IPT), is a levy charged by the UK Government on most types of insurance policies.
The standard rate of IPT is currently 12% (increased from 10% on 1 June 2017).
What is the eligibility criteria for Flood Re?
- Properties must be located within the UK mainland.
- Properties must have a Council Tax band A to H.
- Properties must be built before 1st January 2009. Note: If a property has been demolished and rebuilt before this date, then the new building is still eligible for Flood Re.
- Properties must be used for residential purposes.
- Properties must have an individual premium.
- Leasehold flats with three or less fewer units are eligible.
- The policy holder or their immediate family must live in the home for some or all of the time, or the property must be unoccupied.
- The insurance contract must be in the name of one or more individuals, not companies.
You can find the full eligibility criteria on the Flood Re website.