12% IPT freeze welcomed but Biba calls it “pyrrhic victory”
But industry pledges to keep campaigning to stop IPT from rising again.
The British Insurance Brokers’ Association (Biba) has welcomed Chancellor of the Exchequer Philip Hammond’s decision to keep the insurance premium tax (IPT) at 12% in the Autumn Budget.
This is the second year in a row that the tax has been frozen at the same level. But the insurance industry has previously seen it double in just two years after it rose in several consecutive Budgets.
Biba chief executive officer Steve White said: “We welcome Philip Hammond’s decision not to change the current
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