Industry divided over repercussions of rising IPT
The increase in Insurance Premium Tax (IPT) announced in the Government's emergency Budget has met with mixed reactions.
Chancellor George Osborne revealed that the standard rate of IPT would rise from 5% to 6% while the higher rate of 17.5% would increase to 20% from 4 January 2011.
Eric Galbraith, chief executive of the British Insurance Brokers' Association, said he feared the rise could lead to "even further underinsurance or even a lack of insurance protection", while Barbara Bradshaw, CEO of the Institute of Insurance Brokers, said although she would have preferred no increase it "wasn't as bad as it could
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