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

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: