Biba concerned IPT exposed to rise
The British Insurance Brokers’ Association is concerned insurance premium tax is exposed to a rise, according to director of regulation David Sparkes.
The UK government has said there is a hole in the budget of billions of pounds.
“They’ve got to try to find the money somewhere,” Sparkes said. “Part of that will be through cuts to services and to government departments. But that still leaves exposed the opportunity for other types of taxes, like IPT, to be raised. So there is that concern there.”
HMRC confirmed IPT receipts hit a record £8.15bn in 2023/24, up 11.4% on the year before.
Sparkes said: “They might see that as an opportunity.”
IPT was
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