AIB Insurance send a letter to our local MP

[AIB Insurance]

Morning,

Whilst we don't generally like to post, with rumors of the government increasing Insurance Premium Tax again, we sent an open letter to our MP. We feel passionately that continually increasing the tax on socially positive motor & home insurance acts as a disincentive to buy, hits the poorest hardest:

https://www.aib-insurance.co.uk/news/ipt

Many Thanks

AIB Insurance
02380 268351

 

[conaero]

Very well written Darren, I was not aware it had increased so much.

This will probably in turn, cause more people not to buy it and thus impact on the those who do further.

Stealth tax on the wealthy again!

 

[Contigo]

Called you earlier Darren.....

 

[midlifecrisis]

A stealth tax on the honest who pay for insurance, not necessarily the weathly

 

[Needamaser]

When IPT was introduced (2.5%) the government intimated the plan was to increase it over time to match VAT.
We should consider ourselves lucky it is has taken this long to get to 12%.
Reality is insurance is an easy target to raise revenue for the government.
If big businesses started complaining that would possibly have more of an effect.
For motor insurance changes with Ogden recalculating personal injury awards and factors such as increasing fraud and the growth in whiplash injuries has had a far greater effect on premiums than IPT.
I agree with much of what you say in your letter but this isnt a vote loser for the government.