{"id":221164,"date":"2025-05-03T16:45:01","date_gmt":"2025-05-03T16:45:01","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/increasing-ipt-would-be-a-bad-decision-hitting-households-and-businesses\/"},"modified":"2025-05-03T16:45:01","modified_gmt":"2025-05-03T16:45:01","slug":"increasing-ipt-would-be-a-bad-decision-hitting-households-and-businesses","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=221164","title":{"rendered":"Increasing IPT would be a \u2018bad decision\u2019 hitting households and businesses"},"content":{"rendered":"


\n<\/p>\n

Increasing IPT would be a \u2018bad decision\u2019 hitting households and businesses <\/strong><\/h4>\n

In a new report by WPI Economics, commissioned by the British Insurance Brokers\u2019 Association (BIBA), the majority of survey respondents (64%)1<\/sup> sees IPT as a tax on working people, meaning it is vitally important for Labour to stick strictly to their manifesto commitment not to raise such taxes.<\/p>\n

If Insurance Premium Tax (IPT) was increased by the Government businesses would also suffer, with 54% saying that an IPT increase would leave them struggling to afford their insurance premiums, and nearly 30% saying they would reduce business investment. IPT now raises \u00a38.9bn in receipts for HM Treasury.<\/p>\n

The report outlines that IPT costs each household \u00a3146 a year, that businesses pay \u00a34.7bn in IPT annually, and that a quarter of people surveyed would cut back on heating in the winter to pay for an IPT increase. \u00a0The research concludes that an IPT increase would be a bad decision at a bad time, hitting households and businesses with a tax rise at a time when many are struggling with costs.<\/p>\n

Joe Ahern, Director of Policy at WPI Economics said: \u201cThe survey results demonstrate how reactive people and businesses would be to an increase in IPT, leading them to cut other spending or investment and reduce insurance cover. Insurance is essential for many, and people should not have to choose between heating their homes or having the financial protection that insurance provides.\u201d<\/p>\n

The research outlines that 64% of businesses felt increasing IPT indicates the Government is not serious about growth in the UK economy. 64% of households believe that IPT is a tax on working people, with 81% of business saying insurance should not be penalised by Government.\u00a0 In addition, 68% of businesses say that if premiums were lower, they would extend or expand their insurance cover, with 82% of businesses viewing insurance as essential and a good thing.<\/p>\n

In its 2025 Manifesto, BIBA called for the Government to reduce the cost of insurance for all by cutting the rate of IPT from 12% to 10%.<\/p>\n

Graeme Trudgill, BIBA\u2019s Chief Executive, added: \u201cThe survey highlights the serious consequences that any future IPT increase would have.\u00a0 Including a negative impact on household incomes, business growth and investment. This would go against the Government\u2019s growth agenda and leave businesses and consumers in the difficult position of choosing between insurance protection and other essentials.<\/p>\n

\u201cThe results cement our previous calls on Government that the rate of IPT cannot be increased and indeed should be decreased as requested in BIBA\u2019s 2025 Manifesto.\u201d<\/p>\n

You can read the full report here>\u00a0<\/a><\/p>\n

The post Increasing IPT would be a \u2018bad decision\u2019 hitting households and businesses<\/a> appeared first on BIBA<\/a>.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Increasing IPT would be a \u2018bad decision\u2019 hitting households and businesses In a new report by WPI Economics, commissioned by the British Insurance Brokers\u2019 Association (BIBA), the majority of survey respondents (64%)1 sees IPT as a tax on working people, meaning it is vitally important for Labour to stick strictly to their manifesto commitment not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[4643,11170,18355,24346,28550,13639,82997],"dealstore":[],"offerexpiration":[],"class_list":["post-221164","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-bad","tag-businesses","tag-decision","tag-hitting","tag-households","tag-increasing","tag-ipt"],"yoast_head":"\nIncreasing IPT would be a \u2018bad decision\u2019 hitting households and businesses - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=221164\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increasing IPT would be a \u2018bad decision\u2019 hitting households and businesses - 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