Government raised £6bn from IPT last year


Tax to the UK government from Insurance Premium Tax (IPT) last year reached £6bn, up 22% on the £4.88bn reported the previous year.

Accountancy firm UHY Hacker Young said the Government forecast that the Insurance Premium Tax (IPT) increase would generate an extra £680m in tax raised. However, the added tax raised from businesses and consumers was £808m for the year ending 31 March 2018 - 19% more than the original prediction.

UHY Hacker Young stated that the income generated by Insurance

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