Vol. 538 No. 2
85 Mr. Stanton asked the Minister for Finance the genesis of the Government 2% levy on car insurance; the rationale for maintaining this levy; the amount it has generated for the Exchequer each year for the past five years; the projected amount for 2001; if he has any plans to abolish this levy; and if he will make a statement on the matter. [17623/01]
The stamp duty charge referred to was introduced to broaden the stamp duty base, thereby raising additional revenue. It is imposed on almost all non-life insurance premia, including car insurance premia, the exceptions being reinsurance, health insurance, marine, aviation and transit insurance and export credit insurance. Figures in respect of this tax are available in aggregate form only and include motor insurance stamp duty receipts. The revenue generated in the past five years and projected for 2001 is as follows:
|
Year |
£ million |
|
1996 |
28.4 |
|
1997 |
30.5 |
|
1998 |
33.3 |
|
1999 |
37.9 |
|
2000 |
44.9 |
|
2001 |
49 (projected) |
