Biba urges Chancellor not to raise IPT in the Budget
The British Insurance Brokers’ Association (Biba) has called on the Chancellor not to raise Insurance Premium Tax (IPT) above its current level of 6% in the upcoming Budget on 21 March.
The trade body argued against any rise in order to avoid a further taxation of protection through additional insurance costs for customers at a time when income and business margins are tight.
The call came in Biba's submission to the Chancellor, George Osborne, which focused on the need to recognise the importance of risk management and insurance protection to assist growth and business resilience.
Eric Galbraith, Biba's chief executive, highlighted the value of general insurance brokers in
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