Insurance Premium Tax
(asked on 12th July 2017) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether an assessment has been made of the potential effect of increasing insurance premium tax on the uptake of household insurance.
This question was answered on 17th July 2017
Insurance Premium Tax (IPT) is a tax on insurance premiums which is accounted for and paid by insurers.
The HMRC costing for the increase to the rate of IPT, published at Autumn Statement 2016, took into account behavioural responses resulting from any change associated to prices of general insurance products.