UK Now Has Sixth Highest Insurance Premium Tax in Europe
The standard rate of Insurance Premium Tax (IPT) in the
In Wednesday's Autumn Statement, the Chancellor claimed that, 'Insurance premium tax in this country is lower than in many other European countries'.
However, based on latest European insurance industry data*, the
The recently announced increase from 10per cent to 12per cent has put the
Further analysis of the Autumn Statement** shows that IPT is now due to raise more than Wine, Sprits, Beer and Air Passenger Duty, with the total raised from IPT reaching Pounds6 billion a year by 2018/19.
Director General of the ABI Huw Evans said:
"
"Having now increased IPT three times in 18 months, it is time for Government to look elsewhere to help meet the formidable fiscal challenges it faces."
Insurance Premium Tax affects all motor, home, travel and health insurance policies whether personal or business. Unlike VAT, businesses can't claim back IPT.
Increasing IPT from 6per cent to 12per cent raises around
Notes for Editors
The new comparison table can be viewed in full here (https://www.abi.org.uk/~/media/Files/Documents/Publications/Public/2016/KeyFacts/EUIPT.pdf).
*Insurance Europe, 'Indirect Taxation on insurance contracts in
**see Table C5: Current Receipts here
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[Category: Insurance]
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