Biba “extremely disappointed” at IPT rise to 9.5%

A hand extended holding a bag of pounds - illustration

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".

Biba CEO, Steve

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