There will be no further increases to Insurance Premium Tax (IPT) this year, the Autumn Budget 2017 has revealed.
The insurance industry has been urging the government to halt any further IPT rises, as the rate now stands at 12%. In recent weeks, Nigel Evans MP, sponsored an Early Day Motion (EDM) petitioning the government to freeze IPT for the rest of this Parliament. Prior to the Autumn Budget, British Insurance Brokers' Association (BIBA) had made a submission to the government describing IPT as "too high." IPT had been increased from 6% to 12% in just under 18 months. Stuart Scullion, chairman...
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