Last year George Osborne snuck in an increase to insurance premium tax, from 6% to 9.5%. This year, shortly before his demise as a result of Brexit, he squeezed in another 0.5% increase, taking IPT to 10%. For a small business such as ours, making these adjustments creates a lot of administration. So we are very cross with Mr Osborne; the least he could have done is to have simply effected the tax change in one go. But I guess that would have been too obvious. You can be cross with Mr Osborne too, if you like, as now you are paying a tiddly fraction more tax.
So the message to all our customers: Please can you be aware if you pay IPT, that this will go up by half a percent (o.5%) from 1st October 2016. So let’s say your Insurance for the month is £4.60, the IPT would have been 44p it will now be 46p, an increase of 2p. Or, for example, if your insurance is £25/month, IPT would have been £2.37, it will now be £2.50, an increase of 13p. It seems hardly worth the breath to mention it, but we felt we should let you know. We’ll adjust your account and collect the right amount on the right day as usual, so you don’t need to do anything. In the meantime, please be assured that your storage price is unaffected.
Thanks George, hopefully we’ll get more sense from Philip.