There was relief all round the insurance industry when the Chancellor, Phillip Hammond, kept Insurance Premium Tax (IPT) at 12% in the recent budget. However, industry leaders Association of British Insurers (ABI) and British Insurance Brokers Association (BIBA) will still campaign for the stealth tax to be reduced or at least frozen. Insurance Premium Tax…
Last week saw the third reading of the Civil Liability Bill in the House of Commons which was passed with only minor amendments. The Bill seeks to limit the cost of whiplash claims and is now expected to become law in 2020. Once implemented it should help to reduce the cost of motor insurance premiums…
Is too much regulation stifling the insurance industry? #DeriskingTheFuture
Chancellor Phillip Hammond resisted the urge to tweak Insurance Premium Tax (IPT) and Pensions Tax Relief in this month’s budget following successful lobbying by the insurance industry. After arguing for no further increases in Insurance Premium Tax and stability for pension savers, the Association of British Insurers (ABI) is pleased with the outcome of the…
The announcement in the Autumn Statement of another increase in Insurance Premium Tax (IPT), from 10% to 12%, has brought a furious response from all quarters of the insurance industry. Director General of the Association of British Insurers Huw Evans said: “Yet another increase in Insurance Premium Tax is a hammer blow for the hard…