Budget 2014: No IPT in space
The insuring of items in orbit will be exempt from tax.
The fine details of the Budget report, as available on the HM Treasury website, have revealed that the Government will legislate for space satellites to be exempt from Insurance Premium Tax.
In the document's other reference to the tax it announces that IPT currently brings the govermnent £3bn per year (£3.1 expected for 2013-14) and is expected to rise by £100,000,000 per annum to £3.5bn in 2018-19.
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