ABI: Freeze IPT - the “mother of all stealth taxes”


The Association of British Insurers (ABI) has urged the government to freeze insurance premium tax (IPT) in the forthcoming Budget on 29 October.

The trade body analysed HMRC figures and declared that taxpayers are now paying record amounts of the tax.

According to the association, IPT raised £1.35bn for HMRC in August – the highest amount ever and £200m more than it raised in August 2017.

The ABI noted that this is more than four times higher than the £300m that the sugar tax is expected to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: