No IPT increase BIBA press response
8th March 2017
In its 2017 Manifesto – Enabling the Insurance Market, the British Insurance Brokers’ Association (BIBA) called for ‘a fair system of taxation’ and highlighted the extent to which Insurance Premium Tax (IPT) is a burden on businesses and individuals. This was backed up by lobbying at the highest level in Government to call for no further increases to this regressive tax; a campaign supported by our members and their customers who took the time to write to their MPs about the issue – for which we are grateful.
We see the absence of an IPT rate hike in the 2017 Budget as good progress and will continue to campaign to keep the tax at its current level, ideally without the planned increase in June, or lower. We also call on Government to push forward the legislation necessary to bring Claims Management Companies under the auspices of the Financial Conduct Authority to help reduce the incidence of fraudulent whiplash claims which in turn will help keep premium levels down.