This petition was submitted during the 2015-2017 parliament
Petition Remove the Insurance Premium Tax
A tax known as IPT (Insurance Premium Tax) was added to all insurance policies by the last government and was originally levied at 6%. Recently this has risen to 9% and due to become 10% in October 2016.
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On a £500 insurance policy this adds a tax (for the privilege of taking out a policy, be it house insurance, car insurance, holiday insurance and pet insurance) of £50 to your Policy and pro rata according to the amount you pay for your Policy. This is a statutory amount payable on EVERY policy you take out and so you are paying this tax on every Policy you have. You are not paying once, but a number of times. The IPT compulsory charge is making insurance policies unaffordable and is yet another `hidden` tax which is making us all poorer. Please sign the Petition to have IPT removed.
This petition is closed This petition ran for 6 months
16 signatures
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10,000 signatures required to get a government response