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IPT: Enough is enough, FSB says
Written by staff reporter
Responding to the relaunch of the Association of British Insurers’ #IPTsUnfair campaign ahead of the Autumn Budget, Federation of Small Businesses (FSB) chairman Mike Cherry said the Insurance Premium Tax deters small firms from making the right choices.
“It’s hard for us to persuade small businesses to take on the different kinds of protection they need when they’re constantly being hit with increases to this stealth tax," Cherry said.
“Whether it’s income protection, trade credit or cyber insurance, small businesses are thinking twice about purchasing the right cover because of the ridiculous Insurance Premium Tax.
“Enough is enough. IPT has already soared from 6% to 12% over the past three years. If the Government wants to encourage responsible behaviour among small firms, it should rule out any further hikes to this ludicrous levy.”