Insurers Urge Gov't To Slash Unpopular Premium Tax

Law360, London (October 24, 2019, 12:56 PM BST) -- British insurers are lobbying the government to slash a controversial insurance premium tax ahead of the Budget next month, claiming that families and businesses would be £100 million ($129 million) better off if the rate was cut.

The Association of British Insurers urged HM Treasury on Wednesday to use November’s Budget as an opportunity to make improvements to the unpopular insurance premium tax, calling it the “mother of all stealth taxes.”

The tax on general insurance premiums affects several types of policies including home, travel, car and private medical insurance. The the tax is charged at two rates: a standard rate...

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