Emergency Budget 2010: Travel insurance provider slams gulf in IPT rates
Specialist travel insurance and schemes provider, PJ Hayman has hit back at the rises in insurance premium tax (IPT) after Chancellor of the Exchequer, George Osborne, announced an increase from 5% to 6% on products such as motor and home while raising the top level charged on travel insurance from 17.5% to 20%.
Peter Hayman, director at PJ Hayman, commented: "We feel increasing the already high rate of tax charged on travel insurance is unjust and could result in people travelling without cover thus risking huge costs should they fall ill, have an accident or be a victim of crime."
The company called for the standardisation of the tax rate across all forms of insurance and claimed that the current system deters consumers from purchasing sufficient cover due to elevated costs. It added that the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Ardonagh Advisory buys Rowett Insurance Broking
Ardonagh Advisory has agreed to acquire commercial and personal insurance broker Rowett Insurance Broking.
Clear grows southern presence with A-One purchase
In a busy week of acquisitions, Clear Group has announced the acquisition of top 100 ranked broker A-One Insurance Group.
Bridge makes first steps outside the UK with Malta office
Bridge Insurance Brokers has opened an office in Malta, its first bricks and mortar presence outside of the UK.
Insurance industry voices fears over NI and minimum wage hikes on SMEs as it responds to Budget
A host of insurance figures have expressed concern that Chancellor Rachel Reeves' Budget announcement today will mean SMEs could cut back on staff and business investment, as well as commercial cover putting them at greater risk of underinsurance.
Lloyd’s start-up buys regional broker following PE investment
Start-up Lloyd’s broker SRT & Partners has acquired regional corporate player Read Hunt following investment by BP Marsh.
SRG acquires bloodstock and livestock specialist
Specialist Risk Group has acquired Stonehatch, a specialist bloodstock and livestock insurance broker.
Start-up broker Native aims to tackle digital asset underinsurance after £2m seed raise
A new London-based specialist digital assets insurance broker called Native has launched today.
Clear seals largest deal with £76.2m “transformational” swoop for Lloyd’s broker
Clear Group has entered the wholesale Lloyd’s broker space with what it has described as the “transformational deal” for Lilley Plummer Risks - a marine and property specialist.