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Budget 2017: The raid on the responsible must end here #IPTsUNFAIR

Ahead of Wednesday’s Budget the Association of British Insurers (ABI) is warning that hard-pressed families and businesses cannot take any more increases in Insurance Premium Tax (IPT), which has already doubled in the past two years from 6% to 12%. 

There’s speculation that the Chancellor may be considering another rise, despite independent experts the Social Market Foundation saying that costs per-household are already set to rise above £200 in 2018. IPT applies to the vast majority of insurance policies sold, whether for motor, property, health (including cash plans) or pet cover – for businesses and individuals.

Here are the impacts of the repeated rises since summer 2015 on some individual products:

Other evidence of the problems being caused by soaring IPT:

Huw Evans, Director General of the Association of British Insurers, said:

“People who buy insurance are doing the responsible thing – taking extra care of their health, their belongings and their families, and abiding by the law. To penalise families and businesses again and again with repeated tax rises is horribly unfair. The recent increases have impacted hardest on the poorest and it’s time for Government to commit to no further increases this Parliament.”

The ABI has been campaigning against any further IPT increases on social media under the hashtag #IPTsUNFAIR after releasing a video demonstrating how wrong it is to penalise people for doing the right thing.

 

-ENDS-

 

Notes for Editors


1. Enquiries to:
Malcolm Tarling                        020 7216 7410    Mobile: 07776 147667
Sarah Cordey                            020 7216 7375    Mobile: 07860 189071

 

2. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.

A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.

 

3. An ISDN line is available for broadcast

 

4. More news and information from the ABI is available on our web site, www.abi.org.uk.


Last updated 20/11/2017