20 March 2014 – UKspace warmly welcomes the Chancellor’s decision to scrap Insurance Premium Tax (IPT) for satellite operators.  Commenting on the announcement, Andy Green, President of UKspace and chairman of the joint Industry-Government initiative the Space Innovation and Growth Strategy, said: “Exempting satellite operators from paying IPT has been a recommendation from the Space Innovation and Growth Strategy, which last November launched its plan to create 100,000 new jobs by 2030, and add £30bn a year to the economy. Space is one of Britain’s fastest growing sectors, and we want the UK to become the best place in the world to do space business.”

Dr Matt Perkins, chairman of UKspace, said, “Removing IPT will make the UK a more attractive place to invest in for satellite operators and insurers, and is another indication of this Government’s strong support for the space sector’s ambitious growth agenda.” Industry expects Government to formally respond to the Space Innovation and Growth Strategy in the next few months.