Biba sets out triple push to government ahead of Spring Budget
The British Insurance Brokers’ Association has called for insurance premium tax cuts, increased flood defence spending and apprenticeship levy reform in the government’s Spring Budget.
Biba has asked for the headline rate of IPT to be cut from 12% to 10%.
The trade body has also called for multi-occupancy residential buildings, which require cladding remediation to be exempt from IPT. And it has urged that the 20% IPT rate for travel insurance be aligned with the standard rate.
Furthermore, Biba is pushing for cyber insurance to be exempt from IPT.
Chancellor Jeremy Hunt will deliver the Spring Budget on 6 March.
RevenueAnalysis of HMRC data on IPT receipts by actuarial
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