With effect from the 4th January 2011, the following changes apply to the taxation of General Insurance policies:-
Insurance Premium Tax (IPT) increases from 5% to 6%. IPT is paid on all policies APART FROM travel.
Value Added Tax (VAT) increases from 17.5% to 20%. VAT applies to travel insurance ONLY.
However, before these changes take place I hope you all have a very Merry Christmas and a Good (and Prosperous) New Year.