Biba: IPT increase would be "counter-intuitive"
The British Insurance Brokers' Association (Biba) has warned the government ahead of the Budget that any increase in the standard rate of insurance premium tax (IPT) would be "counter-intuitive".
Biba cautioned that the work the government is undertaking to cut premiums through its whiplash consultation and upcoming legal reforms would be harmed if IPT were to rise from its standard rate of 6%.
In a letter to the Chancellor, George Osborne, Biba chief executive Eric Galbraith wrote: "As Biba strives to improve access and reduce premiums for consumers, we urge the government to refrain from increasing the standard rate of IPT.
"We strongly believe that as the government seeks to reduce
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