Written Question·Treasury·UIN 1401

Motor Insurance: Insurance Premium Tax

Tabled: 23 July 2024

Answered: 31 July 2024

Question

Claire Hanna

Social Democratic & Labour Party — Belfast South and Mid Down

To ask the Chancellor of the Exchequer, whether she plans to review Insurance Premium Tax for car insurance.

Answer

Tulip Siddiq

IPT is a tax on general insurance premiums currently charged at two rates: a standard rate at 12%, including car insurance, and a higher rate at 20%.The Chancellor makes decisions on tax policy at fiscal events.