ABI campaigning for IPT cut
There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.
The call, just days ahead of the government’s Spring Budget, has followed on from the British Insurance Brokers’ Association urging a reduction in the headline rate from 12% to 10%.
The ABI previously demanded IPT be reduced in November in the run up to the chancellor’s Autumn Statement.
This tax hits the poorest hardest because they typically spend more on insurance, such as home and motor cover, as a proportion of their income.Mervyn Skeet, director of general insurance policy at the ABIMascot
To
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