Biba “extremely disappointed” at IPT rise to 9.5%

A hand extended holding a bag of pounds - illustration

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".

Biba CEO, Steve

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