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German Insurance Premium Tax - Change of Rates
The German authorities announced that new rates of premium tax will be applicable to insurance premiums received on or after 1st January 2007. The revised rates are set below.
The new rates will apply to all new business incepting on or after 1st January 2007, including all additional premiums attaching to existing policies, irrespective of their original inception date.
In addition the new rates will apply to all instalment premiums with a client due date on or after 1st January 2007 irrespective of when the policy incepted. See annex 1 for details on how to process this business.
Return premiums will attract the rate of tax that was applied to the original transaction.
GERMAN PREMIUM TAX RATES FROM 1 JANUARY 2007
Risk category |
Premium tax rate |
Fire and fire business interruption where fire is the only stated peril |
14% |
Combined buildings where fire is a stated peril but there are other stated perils |
17.75% |
Combined household contents where fire is a stated peril but there are other stated perils |
18% |
Marine hull for sea going ships |
3% |
Personal accident but only with premium returns warranty (for other personal accident the rate is 19%) |
3.8% |
All other classes except hail |
19% |
Hail - where a stated peril |
0.02% (no change) |
(General Release by Lloyds of London)
Press Release - 15/08/06
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