Insurance Premium Tax

(asked on 1st November 2018) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of changes in the rate of insurance premium tax on the cost of insurance premiums since 2011.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 6th November 2018

As my Rt Hon friend Mel Stride MP set out on 10 September 2018, it is difficult to isolate the impact of insurance premium tax rate increases from other factors impacting on the price of insurance products.

The Government nonetheless publishes prospective impact assessments for the changes in the rate of Insurance Premium Tax (IPT).

The assessment for the last change (announced at Autumn Statement 2016) can be found here:

https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate

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