Lobby group voices fears of IPT hike

The National Campaign Against Insurance Premium Tax (NCAIPT) is forecasting an increase in insurance premium tax (IPT) in Gordon Brown's Budget in April. Philip Allott, NCAIPT project director, said the Treasury's figures forecast the amount of benefit the Government will receive from IPT in 2002/03 to be £1.8bn. Allott believes if the Treasury decides to increase IPT, it could rise from 5% to 10%, bringing it more in line with European rates. 'If Gordon Brown is aiming for another 10%, that will mean another £180m a year,' he said. If NCAIPT fears are correct a hike could see PMI pre...