ABI urges the Chancellor to freeze IPT
The Association of British Insurers has urged the Chancellor of the Exchequer, Jeremy Hunt, to freeze the rate of Insurance Premium Tax in the Autumn Statement on 17 November.
The standard rate currently stands at 12% – it is higher for travel insurance at 20% – and throughout the years the British Insurance Brokers’ Association has argued that it is a “regressive tax”.
The rate was last changed in June 2017 when it went up from 10% to 12%.
Biba called for a cut to 10% in its 2022 Manifesto in January.
In September, when now former Prime Minister Liz Truss took office, Biba also set out its top three broking wish list with CEO Steve White detailing that he wanted
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