V18.111 Introduction

Rates of tax

V18.111 Introduction

When IPT was introduced the single tax rate was 2.5%1. There have been numerous increases in the rate as detailed below. In 1997 a higher rate of 17.5% was introduced (subsequently increased to 20%)2. The rates in force from time to time have been as follows:

Period in forceRateAuthority
Standard rate1.10.94–31.3.972.5%FA 1994, s 51
1.4.97–30.6.994%FA 1997, s 21(1)
1.7.99–3.1.115%FA 1999, s 125(1)
4.1.11–31.10.156%F(No 2)A 2010, s 4(1)
1.11.15–30.9.169.5%F(No 2)A 2015, s 47
1.10.16–31.5.1710%FA 2016, s 141(1)

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