IPT remains at 12%

Rishi Sunak

The rate of insurance premium tax has remained at 12% in the spring 2021 Budget which was delivered earlier today (3 March) by Chancellor of the Exchequer, Rishi Sunak.

Various industry stakeholders raised the alarm on IPT earlier this year and requested that the tax was either cut or frozen ahead of the announcement.

The Chartered Insurance Institute had lobbied for a tax cut while the British Insurance Brokers Association and the Association of British Insurers requested a freeze of the

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