Part 5: Excise Duties and other taxes Section 47: Insurance premium tax: standard rate Details of the section
Subsection (1) amends the standard rate of insurance premium tax (IPT) from 6 per cent to 9.5 per cent
	Subsection (2) applies the new rate to insurance premiums received on or after 1 November 2015.
	Subsection (3) provides an exception to subsection (1). Where an insurer uses the special accounting scheme and receives premiums in respect of an insurance contract entered into before 1 November 2015, the new rate will only apply to those premiums received on or after 1 March 2016.
	Subsection (4) provides an exception to subsection (3) to protect receipts. Premiums that would otherwise fall within subsection (3) but are paid in respect of new risks not already covered in the insurance contract as it stood prior to 1 November 2015 will be subject to the new rate of tax from that date.
	Subsection (5) designates dates for the purposes of operating the anti-avoidance provisions, already contained in IPT legislation. These prevent the forestalling of the rate rise by advancing the timing of premium receipts.