Context
The Association of British Insurers is urging the Chancellor to reduce the rate of Insurance Premium Tax (IPT) in the upcoming Autumn Statement to help millions of households and businesses manage their rising insurance costs.
Key points to note
Insurance Premium Tax applies to most general insurance policies including motor, home, pet, and private medical insurance. The standard rate has doubled to 12% since October 2015. It is likely to hit the poorest the hardest who spend proportionately more on insurance, such as home and motor.
Next actions
None – for information and awareness.