Biba calls for IPT freeze
Broker body says increasing IPT plus the impact of the discount rate change will drive up costs and cause people to reduce insurance protection.
The British Insurance Brokers' Association (Biba) has called for a freeze on Insurance Premium Tax (IPT) for the duration of this Parliament.
A survey of insurance brokers conducted by Biba revealed a concern that many individuals, households and businesses are likely to dramatically scale back their insurance protection if the tax on insurance increases in the forthcoming Budget 2017.
This follows the news yesterday that government changes to the discount/Ogden rate setting it to -0.75% could
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