Rise in IPT would put greater strain on brokers trying to reduce underinsurance
With the Autumn Budget set to be released tomorrow (30 October) by the UK government, the question over whether insurance premium tax will be increased lingers as industry practitioners weigh in.
In 2023/24 IPT raised a record £8.1bn, up by 11% on the £7.3bn generated in 2022/23. The rate of IPT has more than doubled over the past decade and the amount generated by the tax has nearly quadrupled in that time.
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, explained a rise in IPT could affect brokers as it may increase the number of customers who then choose to cut back on their insurance spend and consequently increase the problem of underinsurance.
“This will include
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