The market has welcomed Chancellor of the Exchequer Philip Hammond’s announcement that he will keep insurance premium tax (IPT) at 12% in his Autumn Budget.
Axa CEO UK and Ireland Amanda Blanc described it as feeling “like a victory” after the sector had seen the tax double in just two years.
Allianz’s UK CEO Jon Dye said it was a “pleasing outcome” and Huw Evans, the CEO of the Association of British Insurers which has campaigned for an IPT freeze, was also encouraged by the news.
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