Biba reveals extra IPT spending
Trade body confirms extra £700m raised from 2016 IPT rise has boosted flood defences in Calder Valley, Leeds, York and Cumbria.
The British Insurance Brokers’ Association (Biba) executive director Graeme Trudgill has told Insurance Age that money from the March 2016 insurance premium tax (IPT) rise has provided an additional £700m for flood resilience.
In the 2016 Spring Budget statement, when the IPT increased from 9.5% to 10%, then Chancellor of the Exchequer George Osborne stated that the extra £700m raised by the tax rise would go towards those affected by flooding.
A year later Trudgill said that the money had
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