Small Businesses: Insurance Premium Tax

(asked on 10th November 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of a rise in insurance premium tax on small and medium-sized enterprises.


Answered by
Mel Stride Portrait
Mel Stride
Secretary of State for Work and Pensions
This question was answered on 15th November 2017

Insurance Premium Tax (IPT) is a tax accounted for and paid by insurers based on the insurance premiums they receive. Pricing is a commercial decision for insurers, affected by a wide range of factors, such as repair costs, investment returns and risks posed. The taxes that they pay are only one of these factors.

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