INSURANCE PREMIUM TAX

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.