Tax
Government urged to exempt charities from IPT
Specialist charities insurer Access Insurance has launched a campaign calling on government to exempt the charities sector from insurance premium tax.
None of the revenue from IPT rise to be spent on flood defences
None of the revenue generated from the recent increase in Insurance Premium Tax has been ring-fenced for flood defences, Post can reveal.
IPT: higher and higher
Wasn't expecting that... The lyrics from the Jamie Lawson song could apply to insurers, following the latest hike in insurance premium tax.
Treasury increasingly reliant on tax receipts from insurance firms
The UK’s financial services sector contributed £71.4bn in taxes in the year to March 2016 with banks and insurers being the biggest contributors.
IUA: Single market access is key Brexit concern
The London insurance market must maintain access to the single market following Brexit negotiations, the International Underwriting Association has warned.
Lib Dems urge rethink on IPT increase
An early day motion has been raised by the Liberal Democrats’ leader for the government to rethink its decision to increase the insurance premium tax.
UK's IPT now 6th highest in Europe
The UK now has the 6th highest standard rate of insurance premium tax in Europe, coming after Germany, Greece, Italy, the Netherlands and Finland.
Motor premiums continue to rise into third quarter
The average comprehensive motor insurance premium has risen by 9% over the last year, according to the Association of British Insurers.
Biba urges Chancellor not to increase Insurance Premium Tax
The British Insurance Brokers' Association is urging the government not to increase Insurance Premium Tax in the Autumn Statement.
Motor premiums have risen by a fifth in the past year
Average UK comprehensive motor premiums have risen £100, or 17.3%, over the past year.
Insurance premium tax goes up to 10% in second increase in less than a year
Insurance premium tax rates will go up to 10% tomorrow, marking an overall rise of 66% in less than a year.
Average UK car insurance premium rose by 13% over past year
The average car insurance premium in the UK has risen by 13.5% over the past year as the industry continues to battle against a surge in costly claims.
Week in Post: CMC impersonators, NED worries, and a Team GB gold medal winner
Sitting in my front room on Saturday morning I took a phone call from a claims management company.
Europe: Aspiro ruling could increase VAT costs for outsourced services
Every so often a case emerges that threatens significant change to the insurance industry. The recent European Court of Justice decision in the case of Aspiro, a Polish claims handing company, has done just that.
Motor insurance premiums up 10% from last year
The average price paid for private comprehensive motor insurance has increased by 1% in Q2 2016, up 10% from the same period last year, according to the Association of British Insurers.
Biba outlines its top 11 Brexit concerns in letter to senior MPs
The British Insurers Brokers’ Association has sent a letter to members of the government, setting out their member’s opinions on what should be considered as the UK heads towards exiting the European Union.
Blog: So what will Brexit mean for insurance claims staff?
Following the UK electorate’s vote to leave the European Union, there has been a lot of crystal ball gazing as to what it might mean for the insurance industry.
Government to cut corporation tax to 15% following Brexit
The government will cut corporation tax to 15% in order to persuade businesses to remain in the country following the Brexit vote.
Brexit offers UK insurers respite on ECJ VAT ruling for outsourced claims
UK insurers are facing significant increases to the cost of outsourced claims handling if the government is forced to align its VAT position to a recent European Court of Justice ruling, but the June vote on whether the UK should leave the European Union…
Budget 2016: Corporate tax changes aimed at banks could impact insurers offsetting losses
Insurers hit by rises in claims as a result of the recent floods and increases in insurance premium taxes will also now face corporate tax changes that will affect them offsetting losses.
Budget 2016: Insurers could be hit with higher tax under losses restriction
Firms with profits over £5m will be restricted in the amount of taxable profits they can offset as losses carried forward, according to an announcement in yesterday’s (16 March) Budget.
Editor's comment: Not an easy target
While insurers are busy trying to inform customers that the sector is not an easy target for fraud there are fears that it is becoming an easy target for the government to make money instead.
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
ABI warns against further IPT hike in March budget as home premiums rise 3.1% in three months
The Association of British Insurers has warned the government against rolling out a further rise in insurance premium tax in the Chancellor’s upcoming budget, as independent research reveals a 3.1% rise in home premiums in three months.