The British Insurance Brokers’ Association has welcomed the Chancellor’s decision not to alter the insurance premium tax rate in the Budget. However, Graeme Trudgill, CEO of the trade body, called on John Healey to commit to freezing the levy for the current Parliament and subsequently reducing it. Trudgill noted that the tax currently stands at 12p in every pound of premium, describing it as a tax on protection that needs addressing to keep cover affordable across all postcodes.
Jargon, explained.
premium
The amount paid for an insurance policy.
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