Budget 2017: No Further Rises In IPT Scheduled, But Rise in June Will Go Ahead
Insurance premium tax (IPT) will increase from 10 to 12% in June 2017, as previously announced in the Autumn Statement. Chancellor Philip Hammond broke the trend of successive hikes with no further increases announced in yesterday’s budget.
Three successive hikes in IPT have taken the rate levied on insurance products from 6% in November 2015 to 12% in 18 months.
Mike Stalley FCA, Chief Executive
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