IPT to go up to 12%

Philip Hammond

Insurance Premium Tax (IPT) will increase further to 12% from June 2017.

Chancellor of the Exchequer, Philip Hammond, revealed the increase - the tax is currently set at 10% - in the Autumn Statement.

It is the third time the tax has been increased in less than two years. In July 2015 the Summer budget saw it grow to 9.5% and just months later, in March this year, it went up again to 10%.

Prior to the Statement this afternoon (23 November) the insurance community had called for a freeze on IPT.

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