Challenging Insurance Premium Tax Increases
In recent years insurance buyers have been hit by a wave of insurance premium tax increases. First in November 2015 (6%-9.5%), again in October 2016 (9.5 – 10%) and again in June 2017 (10-12%). Doubling the rate in under two years.
These increases have resulted in consumers being charged higher premiums.
As part of our commitment to our clients and insurance consumers as a whole, Managing Director Steve Rowlands has written to four local MP’s.
“WPS is championing the cause of insurance buyers in seeking a commitment from the Government not to increase insurance premium tax further” – Steve Rowlands, MD
We are urging the Government to review any further increases in insurance premium tax and consider the impact it has on the day to day buyer. A view which is shared by the British Insurance Brokers Association.
We have received a response from South West Devon MP Gary Streeter that the issue will be raised with the treasury team in the run up to the budget.
If you have any questions about insurance premium tax and the impact it has on your insurance premium please contact your usual broker on 01752 670440.