IPT untouched in latest Budget
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
Insurance Premium Tax has been kept at 12% in the Autumn budget.
Chancellor, Rishi Sunak, delivered the document yesterday (27 October), in which he flagged the borrowing is the “highest it has been outside of war time”. The spring 2020 budget was known as the ‘coronavirus Budget” and saw unprecedented borrowing to pay for lockdown.
The British Insurance Brokers’ Association (Biba), which has often attacked IPT as an unfair tax, welcomed the decision not to raise the levy.
Biba CEO, Steve
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