IPT hike leads to £6bn tax windfall
The government collected £6bn from businesses as a result of the increase in the insurance premium tax, an increase of 22% on the previous year.
The government increased the IPT from 10% to 12% in June 2017, which at the time it predicted would net an additional £680m in tax.
However, the impact was larger – yielding £808m in tax, 19% more
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