Biba calls for IPT cut in Autumn Budget

Houses of Parliament

The British Insurance Brokers’ Association has urged the government to cut the headline rate of insurance premium tax from 12% to 10% in the Autumn Budget on 30 October.

Biba previously encouraged the government to lower the standard rate from 12% to 10% in the Spring Budget, but it remained unchanged.

Concerns have been raised that in its first Budget since being elected in July, the Labour government could in fact be eyeing up a hike in IPT.

In its submission to the Treasury ahead of the Autumn Budget, Biba also proposed an exemption from IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing cladding remediation.

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