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how much extra revenue has been generated by the 12 per cent increase in Insurance Premium Tax on motor vehicles since 1?

By 7th February 2018No Comments
​The estimated revenue from the increase in the standard rate of Insurance Premium Tax from 10% to 12% effective from 1 June 2017 was updated at Spring Budget 2017, as follows for the period up to the current financial year:

2017-18: £520 million

2018-19: £840 million

It is estimated that approximately 35% of this relates to motor vehicle insurance.

Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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