No change to IPT – a pyrrhic victory
29th October 2018
British Insurance Brokers’ Association (BIBA) CEO, Steve White, said:
“We welcome Philip Hammond’s decision not to change the current rate already at a significant 12 pence in the pound of every premium paid. However in a way this amounts to a pyrrhic victory and we will not stop campaigning for Government to freeze, if not reduce, this rate of tax on insurance for the remainder of this parliament. We continue to highlight to the highest level of Government the dire consequences of a tax that potentially reduces access to insurance.”
In its 2018 Manifesto – Engaging, launched in the House of Commons, the British Insurance Brokers’ Association (BIBA) highlighted the unfairness of IPT calling it a tax on protection and has campaigned for it to be frozen in its lobbying, media work and social media campaigns.