Everyone is aware of the VAT rise from 17.5% to 20% since the start of 2011. But not everyone one will be aware that unfortunately all insurance companies have also had to increase the prices they charge due to a rise in IPT. The IPT (insurance premium tax) rise announced in the 2010 Budget is now in effect. The increase in IPT is from 5% to 6%, this is added to all boat insurance premiums for vessels except those registered within the Channel Islands, this was announced as part of the last budget by Chancellor George Osbourne and began on January 4th.

Sorry, not our fault!