Lib Dem leader challenges IPT rise

clock • 1 min read

Liberal Democrat leader Tim Farron has urged the government to reconsider rising insurance premium tax (IPT) to 12%.

Farron, who is also the MP for Westmorland and Lonsdale, submitted an Early Day Motion for MPs to debate this matter in parliament. He was reacting to the government's latest rise to IPT announced in the 2016 Autumn Statement. This is the third successive change to IPT in less than two years, taking the rate from 6% in 2015 to 12%, which is due to come into effect during June 2017.    Farron warned that the average family has seen their insurance premiums rise by an average of £90 since 2015. Early day motions (EDMs) are formal motions submitted for debate in the House of Common...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Reeves to host meetings with financial services heavyweights over growth plans

Reeves to host meetings with financial services heavyweights over growth plans

Includes insurance and reinsurance leaders

Sorin Dojan
clock 21 January 2025 • 1 min read
FCA proposes that firms accept electronic verification of death

FCA proposes that firms accept electronic verification of death

Method to speed up bereavement claims

Jaskeet Briah
clock 20 January 2025 • 2 min read
Surge in probate delays following IHT changes

Surge in probate delays following IHT changes

134% rise in yearlong cases

Cameron Roberts
clock 16 January 2025 • 1 min read