No change to IPT – a pyrrhic victory
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.
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
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