Market welcomes IPT freeze at 12% in Budget
However further campaigning action is urged to persuade the Chancellor to keep his hands off the "stealth tax" which has doubled since 2015.
The market has welcomed Chancellor of the Exchequer Philip Hammond’s announcement that he will keep insurance premium tax (IPT) at 12% in his Autumn Budget.
Axa CEO UK and Ireland Amanda Blanc described it as feeling “like a victory” after the sector had seen the tax double in just two years.
Allianz’s UK CEO Jon Dye said it was a “pleasing outcome” and Huw Evans, the CEO of the Association of British Insurers which has campaigned for an IPT freeze, was also encouraged by the news.
Evans said
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