Biba warns that HMRC's IPT consultation may have "detrimental impact" on brokers
Trade body calls for input from members as it gears up to respond to the government.
Issues explored in the government’s consultation on Insurance Premium Tax (IPT) can have a costly impact on brokers if they lead to changes in the rules, the British Insurance Brokers’ Association (Biba) has warned.
At the start of June, HM Revenue & Customs launched a call for evidence on the operation of the IPT.
HMRC said in the document that the broker remuneration model has shifted from being commission-based to charging administration and arrangement fees directly from consumers, and
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