Did anyone notice IPT rise to 5% ?

Does anyone know what IPT is ?

Introduced not that many years ago. Insurance Premium Tax is the governments way of making money out of the rising tide of crime.

Initially it was set a just 1%, now without even a murmur its found its way through various levels  to 5%. Thats five pounds in every hundred you pay that they cream off.

Figure it for yourself if its taking 5% on all transactions, then the more insurance rises the more its  laughing all the way to the bank (of England)

If we reckon the average cost of insurance to be conservatively £300 and the Government claim there are 21 million vehicles on the road, that a rather nice  one third of a Billion pounds easy money off the motorist alone. Factor in all of you paying somewhat in excess of that £300 pound figure and their slice becomes rather handsome.

The only other organisation I know that make a percentage off crime, is called the mafia.

But possibly the real question is what do they do with, Okay if it was ring fenced directly into policing we could cope with that , but  that is never going to happen and why ?

Because this is a tax at odds with governments stated objectives to reduce crime. After all what incentive has it got , any real reductions it creates in crime hits it straight in the pocket.