Island brokers reflect on rise in UK insurance premium tax
The hike in insurance premium tax from 6% to 9.5%, announced in the recent UK budget, will have an effect on some Manx residents.
Isle of Man insurance policies are not taxed, and with the Island being among the lowest-rated areas for risk in the British Isles, premiums here are significantly cheaper.
But local brokers are reminding Island residents any UK risks such as rental property or holiday homes, will be taxed at UK rates.
Ann Collins is chairman of the IOM Financial Planners and Insurance Brokers Association, a trade body which represents the industry to government and Island regulators.
She was asked whether Island customers appreciate the lower insurance costs enjoyed here:
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