Surprise hike in IPT sparks concern
Industry reacts to George Osborne’s Budget announcement to increase Insurance Premium Tax
The increase of the Insurance Premium Tax (IPT) from 6% to 9.5% from 1 November came as a shock to the industry when it was announced by Chancellor George Osborne in his Budget this July.
The dust has settled since the surprise statement, but some experts in the industry are still concerned about the e ects the rise could have on the market.
Malcolm Tarling, chief media relations officer at the Association for British Insurers (ABI), highlighted that this was a particularly bad time for a tax
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