Brokers call on HMRC to reform IPT

Houses of Parliament

Brokers have called for a reform of the Insurance Premium Tax (IPT), after HM Revenue & Customs launched a call for evidence on the operation of the tax last week.

Mark Bower-Dyke, chairman and chief executive officer of Be Wiser, told Insurance Age that he would prefer it if IPT became VAT.

He added: “At the moment it’s just on the cusp of being a completely neutral change that wouldn’t affect the HMRC, because of the increase they will get.

“But if they raise the IPT again they’ll never be

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