The Association of Insurance and Risk Manager's (AIRMIC) executive director David Gamble has spoken out forcefully against the government's proposed increase in Insurance Premium Tax (IPT) today.
He said: "Our members are already being hit by significant increases in insurance charges. They would be extremely unhappy if there was any increase in IPT which would be seen as a stealth tax on a stealth tax.
"We are looking for a reduction, not an increase.
"Many commercial buyers of insurance have experienced premium increases of more than 300% which means they are paying IPT increases of more than 300% for the same cover.
"The government should be encouraging people to take out insurance - not penalising them for doing so."
