BIBA says increase in IPT will hit JAMs and is outrageous

23rd November 2016

Over the past 15 months, policyholders have already seen an increase of 66% in the Insurance Premium Tax (IPT) they pay – this further increase to 12% in this regressive tax is outrageous and is a tax on protection which will hit everyone and especially those ‘just about managing’.  We believe that this increase is contrary to the stated policy of HM Revenue and Customs “that IPT should make the required contribution to HM Government revenue while minimising the effect on the take up of insurance”.  This increase comes at a time when both motor and home insurance premiums are rising and our fear is that many of those who most need it will avoid taking up insurance and be unable to afford the protection they need.

 

BIBA members have access to thousands of insurance products and can help individuals and businesses to find suitable insurance and advise on the cover they need.  Find a broker at www.biba.org.uk or by calling 0370 950 1790.