The British Insurance Brokers’ Association has urged the government to cut the headline rate of insurance premium tax from 12% to 10% in the Autumn Budget on 30 October.
Biba previously encouraged the government to lower the standard rate from 12% to 10% in the Spring Budget, but it remained unchanged.
Concerns have been raised that in its first Budget since being elected in July, the Labour government could in fact be eyeing up a hike in IPT.
In its submission to the Treasury ahead of the Autumn Budget, Biba also proposed an exemption from IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing cladding remediation.
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