MP tables motion in Parliament urging government to freeze IPT
Early Day Motion calls on government to make the commitment in upcoming Budget.
Nigel Evans, the MP for Ribble Valley, has sponsored an Early Day Motion (EDM) petitioning the government to commit to freezing Insurance Premium Tax (IPT) for the rest of this Parliament.
Evans highlighted that IPT – which hit 12% this year – has doubled since 2015 and that since its introduction in 1994 has risen at a faster rate than the tax on tobacco.
IPT currently raises £4.8bn a year for the Treasury and the MP wrote that it now accounts for more tax revenue than the duty on beer, cider
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