No grace period on IPT
London market insurers and brokers have been told they will not be given the same grace period as when faced with the last hike in insurance premium tax.
When IPT rose from 4% to 5% on 1 July 1999, the Finance Act had a concessionary period of six months, in which time HM Revenue & Customs decided to waive querying the level of tax used so insurers
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