To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of extending the Insurance Premium Tax exemption to lifeboat services that operate on inland waterways, lakes and reservoirs.
Answered on
17 January 2024
IPT is forecast to raise £8 billion in 2023/24 and this revenue helps to fund vital public services including the NHS and social care.
Insurance pricing is a decision which is affected by a wide range of factors, and the taxes that insurers pay are just one part of this. It is hard to predict the impact of an IPT reduction on inland lifeboats pricing because this largely depends on how the insurers react.
The government keeps all tax policy under review
Answered by
Treasury
Interests declared
The Member has declared that they have interests which may be relevant to the subject matter of this question.