IPT haul smashes records to hit £6.3bn in 2018/19
Government pulls in highest ever income from the "golden goose" tax which has more than doubled since the year 2013/14.
The government collected £6.3bn of Insurance Premium Tax (IPT) in the year ending 30 June 2019 according to figures from accountancy firm, UHY Hacker Young.
The organisation calculated that this was a 7% rise on the year before.
Hacker Young also stated that IPT receipts have more than doubled since £3bn was gathered in 2013/14 year.
Richard Lloyd-Warne, partner at UHY Hacker Young, commented: “IPT is becoming the Treasury’s golden goose providing a quick and easy way to raise money.”
“Busin
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