Biba confirms money from IPT goes toward flood defences


The British Insurance Brokers’ Association executive director Graeme Trudgill has confirmed that money from the insurance premium tax (IPT) rise in March 2016 has provided extra funds for the Environment Agency.

In the 2016 Spring Budget statement George Osborne, then Chancellor of the Exchequer, said that the extra £700m raised by the increase would go towards supporting those affected by flooding.

At the time of the IPT increase from 9.5% to 10% in the 2016 Spring Budget, Biba promised to fo