Motor Insurance: Insurance Premium Tax

(asked on 23rd July 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to review Insurance Premium Tax for car insurance.


Answered by
Tulip Siddiq Portrait
Tulip Siddiq
Economic Secretary (HM Treasury)
This question was answered on 31st July 2024

IPT is a tax on general insurance premiums currently charged at two rates: a standard rate at 12%, including car insurance, and a higher rate at 20%.

The Chancellor makes decisions on tax policy at fiscal events.

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