Biba and ABI welcome IPT freeze
The British Insurance Brokers’ Association and the Association of British Insurers have both welcomed the decision by Chancellor Jeremy Hunt not to raise the level of insurance premium tax.
The standard rate currently stands at 12% – it is higher for travel insurance at 20% – and was last increased in June 2017 when it went up from 10%.
In the last financial year IPT generated £6.79bn of revenue. With fears that the Chancellor would increase IPT in the Autumn Statement today the ABI had been campaigning against such a move.
Earlier this week the trade body revealed research which showed that eight in 10 people thought that an increase in IPT would be unfair and seven in 10 people
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