Biba calls for freeze on Insurance Premium Tax
The British Insurance Brokers’ Association (Biba) is urging the Government not to increase the 5% rate of Insurance Premium Tax (IPT) on insurance products in its next Budget on 22 June 2010.
Biba believes that increasing taxes on general insurance will prove counterproductive.
It said: "Iincreases to tax on premiums will serve only to add further financial pressure during the recession and discourage individuals and small businesses from taking out adequate and appropriate insurance protection. This could result in greater losses to HM Treasury than any increase in rate that may be proposed."
Eric Galbraith, Biba chief executive, said: “Biba would like the Government to recognise
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