Issues explored in the government’s consultation on Insurance Premium Tax (IPT) can have a costly impact on brokers if they lead to changes in the rules, the British Insurance Brokers’ Association (Biba) has warned.
At the start of June, HM Revenue & Customs launched a call for evidence on the operation of the IPT.
HMRC said in the document that the broker remuneration model has shifted from being commission-based to charging administration and arrangement fees directly from consumers, and
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