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.
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.