IPT raises £4.8bn a year
ABI calls on government to cease this tax “raid on the responsible” and say no to further rises as report highlights lack of consumer awareness about the tax.
Insurance Premium Tax (IPT) raises up to £4.8bn a year for the government according to a report from the Social Market Foundation (SMF).
The study, The Impact of Insurance Premium Tax on UK households, found that IPT, which has been increased a number of times in recent months, now costs the equivalent of £179 for each UK household.
Around £89 is directly paid by households with the remainder coming from increased costs to businesses feeding through to consumers.
The Association of British
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