Insurance Premium Tax

Treasury written question – answered on 6th November 2018.

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Photo of Anneliese Dodds Anneliese Dodds Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of changes in the rate of insurance premium tax on the cost of insurance premiums since 2011.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

As my Rt Hon friend Mel Stride MP set out on 10 September 2018, it is difficult to isolate the impact of insurance premium tax rate increases from other factors impacting on the price of insurance products.

The Government nonetheless publishes prospective impact assessments for the changes in the rate of Insurance Premium Tax (IPT).

The assessment for the last change (announced at Autumn Statement 2016) can be found here:

https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate/insurance-premium-tax-increase-of-standard-rate

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