Insurance premium tax (IPT)
Biba Conference Special: Q&A with Steve White
Ahead of the British Insurance Brokers’ Association hosting its annual conference online for the first time ever, Post caught up with CEO Steve White to discuss what virtual attendees will see and hear about, the trade body’s ongoing lobbying and his…
IPT unscathed in Budget with corporation tax set to rise in 2023
Insurance premium tax went unmentioned in the Spring Budget announcement, with developments including additional apprenticeships funding, a furlough extension and a corporation tax hike from 2023.
Consumers put IPT almost bottom of the list for Budget tax rise targets
Exclusive research by Consumer Intelligence for Post has revealed that the UK public would support increases in almost any other tax ahead of insurance premium tax if the Chancellor opts to bring in rises to help pay for the costs of battling the Covid…
Briefing: IPT – good news in the data but reasons for concern remain
The only doubt around the bill to pay for fighting the Covid-19 pandemic is just how big it is, considers Post senior reporter Emmanuel Kenning.
Intelligence: State insurance - The last resort
The global pandemic of 2020 saw insurers stepping back from coverage in some areas of the market and led to calls of a Pandemic Re backed by the government. Post asks if the government can and should step into the void as the insurer of last resort
Scrap IPT for young driver telematics insurance, select committee advised
Brokers called for the government to introduce a zero-rate insurance premium tax for young driver telematics policies in oral evidence at the Transport Committee’s inquiry into road safety and young and novice drivers.
Blog: The complexities of IPT determination
The insurance industry is navigating a period of economic instability and is still unsure what long-term effects the pandemic will have on direct and indirect taxes. Despite this lack of current clarity, it is sensible to plan for all eventualities,…
Motor insurers saved £1.3bn during UK-wide lockdown, claims aggregator
UK motor insurers made lockdown savings of £1.28bn as drivers stayed home between 23 March and 31 May 2020, research by price comparison website Hello-Safe has suggested.
Budget 2020: IPT stays the same as government bolsters flood defence spending
Insurance Premium Tax has remained at 12% in today’s Chancellor’s budget, as the government pledged to boost spending on flood defences.
Blog: The effect of Brexit on attitudes towards the NHS - how will this affect medical insurance enquiries?
On the day of the general election last December we witnessed a sharp spike in the number of visitor searches seeking out quotes for private medical insurance, 1072% higher than the forecasted figures for that time of year, writes Ian Sawyer, commercial…
Blog: A quick-fire reshuffle
Post news editor Jen Frost reflects on Sajid Javid’s shock exit as Chancellor and what this could mean for insurance premium tax and the budget.
This week: The wait is over
The wait began in 2017, and many of us felt that the agonising limbo might never end. But after two and a half years, the wait is finally over. That’s right: Kesha’s new album is out today.
ABI tracker shows increase in motor premiums as calls for IPT cut amplify
The average cost of motor insurance rose to its highest level in the final quarter of 2019, according to research by the Association of British Insurers.
Budget 2020: What are the Chancellor's options on IPT?
Insurers have ramped up lobbying attempts to convince the government to slice the rate of Insurance Premium Tax. Post investigates why they may well have good reason to be worried it could be cranked up the other way.
Analysis: What's on the horizon for 2020?
For an industry that strives to understand and manage risk, uncertainty is not something that is relished. But with some market hardening, a final report from the Financial Conduct Authority on pricing practices and the possibility of Brexit all on the…
Analysis: Review of the Year 2019
It feels as if 2019 was an uncomfortable year for the general insurance market as it never quite seemed to grasp control of its own destiny. Wherever you look, carefully laid plans were derailed by the unexpected – and often unwanted – intervention of…
This week in Post: Deluge, diversity and misdemeanours
More than 800 houses have been evacuated due to flooding and many of those families won't be back in their home for Christmas. Flood warnings are still in place and there are reports that flood defence equipment is being stolen.
ABI and Biba at odds over ring-fencing insurance taxes for flood defences
Insurance trade bodies have found themselves at loggerheads over whether part of insurance premium tax should be ring-fenced for flood defences.
IPT becoming government's 'golden goose' as income hits record high
Government income from insurance premium tax hit a record high of £6.3bn in 2018/19, up 7% from £5.8bn collected the previous year, according to an accountancy firm.
Zurich's Tulsi Naidu on IPT as a drag on the insurance industry
Zurich's UK CEO Tulsi Naidu explains that insurance premium tax is a regressive tax, which punishes responsible business and the public for doing the right thing.
Analysis: Is the IPT review another disappointment?
The government has promised to review the application of the Insurance Premium Tax. But does the planned review go far enough?
Government launches review into 'fairness' of IPT
HM Revenue & Customs has published a call for evidence on the operation of Insurance Premium Tax to ensure it continues to operate “fairly and efficiently”.
ABI tracker shows fall in motor premiums in advance of whiplash reforms
The average cost of motor insurance fell to its lowest level in two years, according to a survey from the Association of British Insurers.
Government promises review into 'fairness' of IPT
The government will launch an operational review into Insurance Premium Tax in the coming months.