Biba “extremely disappointed” at IPT rise to 9.5%
Trade association’s Graeme Trudgill says increase “makes mockery” of insurance growth plan.
The British Insurance Brokers' Association (Biba) said it was "extremely disappointed" in the decision to increase Insurance Premium Tax (IPT) to 9.5%.
Following the announcement by Chancellor George Osborne in the summer Budget for 2015 Biba's executive director Graeme Trudgill tweeted: "IPT up to 9.5% from November makes a mockery of the insurance growth action plan and efforts to reduce cost of motor insurance."
The association described the rise as a "stealth tax".
Expensive
Biba CEO, Steve
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Partners& hires managing partner to wellbeing division
Partners& has hired Tom Klinkenberg from Lockton as managing partner of wellbeing, health and protection.
FCA confirms insurance rules simplification
The Financial Conduct Authority has confirmed changes to simplify its rules for brokers and insurers including ongoing training and product reviews and revealed further plans for next year.
End of Year Review 2025: nCino’s Ashleigh Gwilliam
Ashleigh Gwilliam, director of insurance at nCino calls for more to be done to make insurance careers genuinely attractive to young talent and predicts AI will be handling first-pass underwriting decisions on at least 30% of SME commercial risks by the end of next year.
PIB updates on progress following aborted Gallagher deal
PIB Group has revealed its M&A activity will be “exclusively centered” on Spain, Netherlands, Germany, and France next year as it hailed a record 27 deals to September 2025.
With Brewis and Mills gone, what can brokers expect from the FCA in 2026?
Compliance experts are hoping for a slowdown and simplification of rules from the Financial Conduct Authority throughout 2026 following Matt Brewis and Sheldon Mills exit from the regulator. Rosie Simms reports.
Two in five brokers expect telephone/in-person sales growth despite tech upsurge
Two fifths of brokers see growing in-person sales as distinguishing factor in an increasingly digital age, according to a survey of commercial and personal lines brokers by Open GI.
End of Year Review 2025: Corin Underwriting’s Andy Hurrell
Corin Underwriting CEO Andy Hurrell outlines the view a softening market rewards discipline; raises an eyebrow about the number of MGAs doubling down on scale over specialism; and advises rather than reacting to the crowd, back your underwriting judgement.
End of Year Review 2025: Gambit Insurance Solutions’ Ajay Mistry
Founder and director of Gambit Insurance Solutions and co-Chair of iCAN Ajay Mistry believes small brokers need to be more assertive in the soft market and predicts at least one insurer will launch a product in which over 80% of the commercial underwriting workflow is transparently AI-driven.