Reject proposals to increase Insurance Premium Tax

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Reject proposals to increase Insurance Premium Tax

Petition Details

The Chancellor may use the budget to increase insurance premium tax (IPT) as he did last year. This may seem an obscure tax but it will heavily impact those paying the highest premiums already - the young and those who live in high risk areas - often the people least able to afford any increase.

Additional Information

In the last budget the Chancellor increased IPT from 6% to 9.5%. Rumours are taht he may increase it a further 3% which would put £37 on the average car insurance premium. It would also increase home, pet and medical insurance as well as car breakdown cover. It is a pernicious tax because, while it affects everyone, it disproportionately affects the young and those who live in high risk areas who are least likely to be able to afford it.

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