22 June 2010
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1 min read
The standard rate will increase from 5% to 6%, while the higher rate is set to match the rise in VAT from 17.5% to 20%.
It is due to be introduced on 4 January next year.
Many industry figures had expected the basic rate to rise far more steeply, and even as much as double.
The current IPT raises £2.3bn in tax annually, although is not included on life and protection policies.
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