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
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