Government raised £6bn from IPT last year
Insurance Premium Tax haul exceeded expectations due to growth of new insurable threats.
Tax to the UK government from Insurance Premium Tax (IPT) last year reached £6bn, up 22% on the £4.88bn reported the previous year.
Accountancy firm UHY Hacker Young said the Government forecast that the Insurance Premium Tax (IPT) increase would generate an extra £680m in tax raised. However, the added tax raised from businesses and consumers was £808m for the year ending 31 March 2018 - 19% more than the original prediction.
UHY Hacker Young stated that the income generated by Insurance
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