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Good News in the Budget for UK-based Satellite Operators

20/03/2014

Yesterday’s Budget (19 March 2014) announced that the Government will legislate to exempt space satellite insurance from the onerous and anticompetitive insurance premium tax (IPT).

This is excellent news for UK-based satellite operators who have had to pay IPT at 6% on general insurance premiums on satellites. This has previously put UK companies at a competitive disadvantage compared with those based in other space-faring countries.

To read more on how the Budget will effect Satellite Operators, download Joanne Wheelers Satellite focussed Budget briefing below.