Insurance Premium Tax
The question
To ask the Chancellor of the Exchequer, whether she plans to increase the rate of Insurance Premium Tax; and whether she has made an assessment of the potential impact of any such increase on (a) household and (b) business insurance costs.
Answered by Lucy Rigby
Insurance Premium Tax (IPT) is a broad-based tax which raises important revenue to fund essential public services including the NHS, defence, and education. The rate of IPT has been unchanged since 2017.
The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances. At Autumn Budget 2024 and Spring Statement 2025, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to fix the public finances, fund public services, and restore economic stability.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →