INSURANCE PREMIUM TAX

Early day motion 543, tabled 15 November 2017 by Nigel Evans (Conservative). Signed by 17 members.

That this House notes that insurance premium tax (IPT) has doubled since 2015; further notes that, since it was introduced in 1994, IPT has risen at a faster rate than tax on tobacco; understands that IPT now accounts for more tax revenue than duty on beer, cider and spirits; believes that IPT unfairly penalises people, families and businesses who are doing the right thing in protecting themselves, their possessions and their livelihoods; agrees with Amanda Blanc, CEO of AXA UK, who described recent rises in IPT as an unwarranted attack on millions of people simply looking to protect themselves; recognises that a further rise in IPT would effect those people least able to pay increased insurance costs such as young drivers; and calls on the Government to commit to freezing the rate of lPT for the rest of the 2017 Parliament in Budget 2017.

Signatures by party: Scottish National Party 9, Conservative 4, Labour 2, DUP 1, Independent 1.