IPT is a tax on general insurance premiums charged at two rates: a standard rate at 12%, including car insurance, and a higher rate at 20%. 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 motor insurance pricing because this depends on how insurers react. Furthermore, revenue raised from IPT helps the Government to fund vital public services, including the NHS, education and defence. The Government currently has no plans to reduce Insurance Premium Tax (IPT) on car insurance.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-31", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-31T11:56:12.7Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Motor Insurance: Insurance Premium Tax"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of decreasing insurance premium tax for car insurance.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"} } , "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"} , "tablingMemberPrinted" : [{"_value" : "Alan Brown"} ], "uin" : "11148"} , {"_about" : "http://data.parliament.uk/resources/1684352", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1684352/answer", "answerText" : {"_value" : "
HMRC does not hold the information requested.<\/p>
<\/p>
Insurance Premium Tax returns do not include a breakdown of the tax due on specific products, as this may impose an excessive administrative burden on customers.<\/p>
<\/p>
Information on monthly Insurance Premium Tax receipts is published in the document, \u201cHMRC tax receipts and National Insurance contributions for the UK\u201d, found at the link below.<\/p>
<\/p>
www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk<\/a><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"}
}
, "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"}
, "answeringMemberPrinted" : {"_value" : "Bim Afolami"}
, "dateOfAnswer" : {"_value" : "2024-01-31", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-01-31T12:00:43.45Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-01-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Motor Insurance: Insurance Premium Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, how much insurance premium tax was collected from car insurance in each year since 2010.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"}
}
, "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"}
, "tablingMemberPrinted" : [{"_value" : "Alan Brown"}
], "uin" : "11149"}
, {"_about" : "http://data.parliament.uk/resources/1683325", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1683325/answer", "answerText" : {"_value" : " The Barnett formula will continue to apply in the usual way as set out in the published Statement of Funding Policy document. The Barnett formula is applied when departmental budgets change \u2013 not when departments announce how they are spending their budgets.<\/p> <\/p> The Barnett consequentials have not yet been confirmed. Any changes would be made at Supplementary Estimates 2023-24.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"}
}
, "answeringMemberConstituency" : {"_value" : "Sevenoaks"}
, "answeringMemberPrinted" : {"_value" : "Laura Trott"}
, "dateOfAnswer" : {"_value" : "2024-01-24", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-01-24T10:21:44.787Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-01-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Floods: Compensation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the press release entitled Government payments for communities affected by flooding, published on 6 January 2024, what the value of the Barnett Consequential is following the financial support for households flooded as a result of recent storms.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"}
}
, "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"}
, "tablingMemberPrinted" : [{"_value" : "Alan Brown"}
], "uin" : "10476"}
, {"_about" : "http://data.parliament.uk/resources/1682884", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1682884/answer", "answerText" : {"_value" : " As at the end of December 2023, the number of student loan borrowers matched to a HMRC record, by Student Loan plan type, are:<\/p> Plan 1: 2,427,300<\/p> Plan 2: 3,837,000<\/p> Plan 4: 502,400<\/p> Post Graduate Loan: 473,800<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4407", "label" : {"_value" : "Biography information for Nigel Huddleston"}
}
, "answeringMemberConstituency" : {"_value" : "Mid Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Nigel Huddleston"}
, "dateOfAnswer" : {"_value" : "2024-01-22", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-01-22T17:07:03.127Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-01-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Graduates: Taxation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 January 2024 to Question 8753 on Graduates: Taxation, if he will publish the number of borrowers by Student Loan plan type.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"}
}
, "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"}
, "tablingMemberPrinted" : [{"_value" : "Alan Brown"}
], "uin" : "10165"}
, {"_about" : "http://data.parliament.uk/resources/1680914", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1680914/answer", "answerText" : {"_value" : " The information is not held in the form requested. HM Revenue and Customs (HMRC) does hold information on the number of borrowers by Student Loan plan type but has not split these figures based on the borrowers\u2019 earnings.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4407", "label" : {"_value" : "Biography information for Nigel Huddleston"}
}
, "answeringMemberConstituency" : {"_value" : "Mid Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Nigel Huddleston"}
, "dateOfAnswer" : {"_value" : "2024-01-15", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-01-15T16:22:12.573Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-01-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Graduates: Taxation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, how many taxpayers are paying the (a) 9% and (b) 6% tuition fee rate on earnings between £22,015 and £27,000.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"}
}
, "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"}
, "tablingMemberPrinted" : [{"_value" : "Alan Brown"}
], "uin" : "8753"}
, {"_about" : "http://data.parliament.uk/resources/1663798", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1663798/answer", "answerText" : {"_value" : " In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that 1.6 million funeral plan customers are protected by compulsory and robust regulation.<\/p> <\/p> The government consulted widely on the regulation of pre-paid funeral plans. Most notably, it published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"}
}
, "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"}
, "answeringMemberPrinted" : {"_value" : "Andrew Griffith"}
, "dateOfAnswer" : {"_value" : "2023-10-18", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-10-18T14:11:45.093Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-10-13", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Funerals: Pre-payment"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential impact of the requirement for funeral plan companies to be regulated by the FCA by 9 July 2022 on the number of those companies (a) entering and (b) likely to enter administration.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4470", "label" : {"_value" : "Biography information for Alan Brown"}
}
, "tablingMemberConstituency" : {"_value" : "Kilmarnock and Loudoun"}
, "tablingMemberPrinted" : [{"_value" : "Alan Brown"}
], "uin" : "201651"}
, {"_about" : "http://data.parliament.uk/resources/1628148", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1628148/answer", "answerText" : {"_value" : " The updated statistics referred to in answer to Question 183125 (Table 2.1 \u2013 Number of individual income taxpayers) will be published on 29th<\/sup> June 2023, including new projections for 2023-24. The announcement for these statistics can be found here: https://www.gov.uk/government/statistics/announcements/income-tax-liabilities-statistics-tax-year-2020-to-2021-to-tax-year-2023-to-2024<\/a><\/p>