Floods: 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 the affordability of flood insurance for people living in areas of high flood risk.


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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