In less than two years, the Government has doubled the Insurance Premium Tax (IPT) burden from 6% to 12%. The tax is payable on most general insurance policies, as well as commercial insurance taken out by businesses. Independent experts say that IPT costs per-household are set to rise above £200 in 2018.
If the Chancellor increases it once again in this year’s Budget, millions of British households and businesses will be affected even more.
Another hike would mean another cost passed directly onto hard-pressed families. This could dissuade them from protecting essentials like their homes, health, vehicles and pets.
The idea of taxing people simply for doing the responsible thing by buying insurance is absurd. It’s like taxing people for locking their front doors, or stopping at a pedestrian crossing. If you raise taxes on insurance you will discourage people from insuring themselves.
Shouldn’t we be encouraging those who are taking proper precautions and being responsible, rather than discouraging them?
If you, like us, oppose another increase in Insurance Premium Tax, then speak out. Watch and share our video and stand up against another hike once and for all, because quite frankly, #IPTs Unfair.
Content produced and sponsored by The Association of British Insurers (ABI)