Do I pay tax on my premiums?

Published 18/03/2016 12.10 PM   |    Updated 07/06/2017 09.09 AM

If you’ve chosen unemployment cover, then the premium you pay for your unemployment cover includes insurance premium tax. If the government changes the rate of insurance premium tax in the future, or changes the way protection policies are taxed then the premium you pay may need to change.

Currently insurance premium tax is only payable on the unemployment cover under your plan, it isn’t payable for your accident and sickness cover.

The rate of insurance premium tax payable is shown on your personal quote. We automatically collect this from you because it’s included in the premium you pay. We then pass this on to HM Revenue & Customs.

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