IPT raises £4.8bn a year

tax-burden

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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