IPT and VAT changes will have significant impact on brokers
The Insurance premium Tax (IPT) and VAT changes announced in the emergency budget will have far-reaching consequences for brokers and insurers beyond the initial pain to policyholder’s pockets, according to Kevin Kiernan, director of personal lines, Groupama Insurances.
“Tuesday’s confirmation of the rise in IPT was no great surprise but rather disappointing all the same. But while much of the current focus is on how this might impact policyholder premiums, what needs also to be considered is that the change itself will create a whole raft of costs to brokers and insurers that will need to be passed on.
“For example, from an administrative point of view, a 1% increase in IPT creates the need for IT system changes in broker and insurer businesses across the UK
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
Across the board uplifts at Avantia
Avantia Insurance delivered double digit increases in turnover and post-tax profits in 2023, repeating the achievements of previous years.
DR&P deals costs revealed in run-up to BMS sale
DR&P spent more than £12m on five acquisitions in the financial year ahead of selling up to BMS, filings at Companies House have revealed.
Blog: Martyn’s Law – implications and opportunities for brokers
Legal experts Polly Sayers and Jonathan Edwards of HCR Law take an overview of Martyn’s Law sharing practical steps brokers can take as it progresses through Parliament.
People Moves: 14 – 18 October 2024
Follow the latest insurance personnel moves.
Markerstudy confirms 750 job cuts after Atlanta buy
Markerstudy has confirmed that around 750 jobs will be cut following the £1.2bn acquisition of Ardonagh’s personal lines business.
Lebecq to join Miller after SRG exit
Miller has appointed Clare Lebecq as chief operating officer following her departure from Specialist Risk Group in September.
Seventeen Group lifts turnover in 2023
Seventeen Group boosted turnover by 21.8% to £45.31m in 2023 on the back of acquisitions and organic growth, as it trimmed losses compared to the year before.
Broker Expo 2024: Sellers have to work harder in 12 months after acquisition
Richard Pitt, managing director at Critical Friend Partnership, observed at the Broker Expo 2024 that in the first 12 months after the acquisition, the seller is “probably going to have to work harder”.