WPS Director Colin Watts lobbies local MP over potential rise in Insurance Premium Tax

As rumors increase of a planned increase in IPT, Colin Watts has lobbied local MP Johnny Mercer.


“As a business that operates in your constituency, both we and our trade association, the British Insurance Brokers’ Association (BIBA), are concerned about a proposed increase in Insurance Premium Tax (IPT) in Budget 2016. The rumoured increase, to 12.5%, would have seen a 108% increase in the past twelve months. As this tax is ultimately paid for by customers, we and BIBA are concerned as to the effects this would have on your constituents and wider society.”


WPS believe this proposal would be detrimental to all clients who are seeking to protect their businesses, homes, and families in arranging practical insurance programmes. The increase is IPT may lead to decisions to cut back on insurance protection which could be seriously damaging in the long term.


You find out more about the British Insurance Brokers Association’s stance on this proposed increase in their pre-budget briefing here.




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