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.
The British Insurance Brokers’ Association (Biba) has once again called for a freeze to the unpopular insurance premium tax (IPT) which affects all policyholders.
Currently, the rate is 12% and it was last increased in 2017 causing outcry in the insurance space after an initial increase to 9.5% in Summer 2015 then another rise to 10% in 2016.
In the April 2020 ‘coronavirus Budget’ the sector escaped further increases but with the economy in trouble due to the twin disasters of Brexit and Covid
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