Insurance Premium Tax (IPT)
ABI campaigning for IPT cut
There has never been a greater need for a cut in Insurance Premium Tax according to the Association of British Insurers as it campaigns for an immediate drop in the rate.
Review of the Year 2023: Arc Legal Group’s Peter Harvey
Peter Harvey, deputy CEO of Arc Legal Group muses on a 20th anniversary celebration and reliving his school days by becoming an Olympian long jumper.
Review of the Year 2023: Ageas’s Middle, Beckett, Clarke and Linklater
The Ageas UK management team ponder the plethora of personal lines exits and why a reduction in IPT could be a 2024 election vote winner.
ABI calls for IPT cut as motor insurance prices hit record high
The average price of motor insurance increased by 29% in the third quarter of 2023, compared to the same time in 2022, reaching a record level £561, according to the Association of British Insurers’ Motor Premium Tracker.
Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Biba and ABI welcome IPT freeze
The British Insurance Brokers’ Association and the Association of British Insurers have both welcomed the decision by Chancellor Jeremy Hunt not to raise the level of insurance premium tax.
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.
Biba sets out top three broking wish list for new PM
The British Insurance Brokers’ Association is hoping for proportionate regulation, the introduction of an enhanced growth and competitiveness objective for regulators and changes to IPT, CEO Steve White told Insurance Age setting out its wish list for…
Biba’s White attacks FSCS funding model
Biba CEO Steve White has insisted that brokers “must not be left paying over the odds for the failures of others”.
Biba focuses on ‘managing risk’ as manifesto theme
The trade body launched its manifesto and revealed UK brokers arrange £74bn of insurance per year.
Biba calls for IPT relief in 2022
The trade association has asked government to reduce IPT to 10% in areas such as property, telematics, and cyber as it also pleads for a simplification of insurance tax in the travel sector.
Biba welcomes "big win for brokers" on IPT
Biba’s David Sparkes says the broker trade body engaged with the government "at length" against proposals that brokers could be made liable for any unpaid IPT, a proposal that HMRC has confirmed it will not take forward following its IPT consultation.
HMRC flags potential code of conduct for brokers in IPT consultation update
Government outlines the next steps and details responses from industry stakeholders, including brokers, insurers and trade bodies.
IPT untouched in latest Budget
While the tax cut on flights ahead of COP26 grabbed headlines, brokers breathed a sigh of relief as hated insurance premium tax remained at 12%.
Biba 2021: MP John Glen’s keynote speech
The economic secretary to the Treasury tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference yesterday.
IPT remains at 12%
The Budget swerves IPT rise and Entrepreneurs’ Relief escapes for now but Corporation Tax increases to 25%.
Blog: How could the Spring 2021 Budget affect insurance brokers?
With the Budget looming, PKF Littlejohn’s tax lead, Chris Riley, gives Insurance Age readers a first look at his predictions and considers the tax threats to brokers including IPT, VAT, corporation tax and the EIS scheme.
IPT-threat level raised
The “soft target” tax is under threat amid economic uncertainty but the sector is still arguing for a cut or a freeze.
Biba zones in on resilience in 2021 manifesto
Manifesto includes a number of commitments from the broker trade body, covering areas including underinsurance as a result of the pandemic, IPT, cyber insurance and signposting to help customers access insurance.
News analysis: Never the same again?
The pandemic has changed the way business is conducted across the globe, and with a hardening market and uncertainty caused by Brexit, Insurance Age looks at the outlook for brokers
Broker Exchange: How has Covid-19 impacted the UK economy?
Economic expert Paul Johnson tells delegates about the UK's current economic situation and discusses what we can expect from the next few years.