Government to launch operational review of IPT
Insurance industry welcomes review into fairness and efficiency of IPT, but the ABI pledges to continue its campaign to keep the rate from increasing further.
The Chancellor of the Exchequer Philip Hammond has announced an operational review looking into the Insurance premium Tax (IPT) in the Spring Statement today (13 March).
According to the Spring Statement the government is set to publish a call for evidence on where improvements can be made to ensure that the IPT operates fairly and efficiently.
The IPT, which was kept at 12% for the second year in a row in the 2018 Autumn Budget, had previously doubled in just two years after it rose in
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