Part 5: Excise Duties and other taxes Section 47: Insurance premium tax: standard rate Background note
IPT, either at the standard rate or higher rate, is accounted for on general insurance premiums. Most premiums are subject to the standard rate. This section increases the standard rate and ensures that existing anti-forestalling provisions and the exception provided for in subsection (3) operate effectively in relation to the rate rise. The aim of this section is to increase the revenue raised by IPT.