Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much insurance premium tax was collected from each type of insurance product in the latest year for which data is available.

HMRC publishes annual statistics on IPT receipts and liabilities within the publication titled “Insurance Premium Tax (IPT) Bulletin” which can be found at the following link: https://www.gov.uk/government/statistics/insurance-premium-tax-ipt-bulletin

However HMRC does not hold the information requested as to how much insurance premium tax was collected from each type of insurance product.

This is because Insurance Premium Tax returns do not include a breakdown of the tax due on different types of products, as this may impose an excessive administrative burden on customers.

HMRC does however include the split between the standard rate and higher rate of insurance premium tax as part of our published annual statistics on IPT receipts and liabilities.