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.
In its 2022 manifesto ‘Managing Risk’, the British Insurance Brokers’ Association has once again called for the government to reduce the rate of insurance premium tax to 10% in the next Budget.
Throughout the years, Biba has argued that IPT is a” regressive tax” which acts as a disincentive to buying adequate insurance. Currently, the rate is still at 12%. The last update was in spring 2021 following a tax increase from 10% to 12% in 2017.
With the IPT receipts scoring up to £6.3bn in the past
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