Industry anticipates further IPT rises to catch up with EU levels
Industry experts have warned of further Insurance Premium Tax (IPT) hikes as the Government attempts to bring UK tax levels into line with the rest of Europe.
Steve White, head of compliance and training at the British Insurance Brokers' Association (Biba), said: "As time moves on we could get to a position where we come into line with European Union levels of IPT. The UK rate of IPT is very much at the low end of the European scale.
"Any changes to direct taxation, which is what people view IPT as, aren't going to be popular but are fairly easy to do. So we could be in for several years of small increases."
IPT in Germany is currently set at 19%
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