Between October 2015 and June 2017, 50 million policy holders (source – ABI) including charities and young drivers in the UK will have seen a doubling in Insurance Premium Tax (IPT) through three successive increases to a record high of 12%.
There is a strong suspicion that a further rise in IPT is planned in the forthcoming budget and BIBA (British Insurance Brokers Association) are campaigning for the Chancellor to freeze IPT rather than increase it.
Businesses and individuals can use the BIBA template letter to write/email MPs if they are unhappy with the increases in IPT. Please do, at least, read the template letter – here – or download it.
The more we can highlight the issue and encourage the Chancellor not to increase IPT, the better for us all.