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AM Best: Best s Commentary: Budget Highlights the Growing Contribution of Insurance Premium Tax to UK Finances
Analysis outlined in a new
Best s Commentary, Budget Highlights the Growing Contribution of Insurance Premium Tax to UK Finances shows the extent to which successive U.K. Chancellors of the Exchequer have relied on IPT to bolster the country s tax receipts.
Over the last decade, the IPT contribution to U.K. finances has almost trebled from GBP 2.3 billion in 2009-10 to GBP 6.5 billion in 2019-20. A like-for-like comparison of domestic U.K. insurance premium shows 2019 gross written premium just 3.2% higher than in 2009.
IPT has shot up the rankings of sources of government revenue to overtake inheritance tax as a contributor to national account taxes and now generates almost as much revenue for the U.K. government as Vehicle Excise Duty (GBP 6.5 billion vs GBP 6.8 billion).
Press release content from Business Wire. The AP news staff was not involved in its creation.
Best’s Commentary: Budget Highlights the Growing Contribution of Insurance Premium Tax to UK Finances
March 11, 2021 GMT
LONDON (BUSINESS WIRE) Mar 11, 2021
Figures released by the U.K.’s Office for Budget Responsibility (OBR) as part of the country’s 2021 budget show the increasingly important contribution made by insurance premium tax (IPT) to the country’s finances.
Analysis outlined in a new
Best’s Commentary, “Budget Highlights the Growing Contribution of Insurance Premium Tax to UK Finances” shows the extent to which successive U.K. Chancellors of the Exchequer have relied on IPT to bolster the country’s tax receipts.