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Eversheds comment: Budget 2016 - tax lock leaves little flexibility for rate rises elsewhere - insurance products targeted

  • Global
  • United Kingdom

    14-03-2016

    Commenting on debate over a potential rise in insurance premium taxation that could be announced in this week's Budget, Giles Salmond, partner and tax expert at law firm Eversheds, says:

    "If the rate of IPT is raised in this week’s budget to 12.5% it will have increased twice since November last year thereby more than doubling the taxation of most insurance products. There appears to be a trend to raise revenues by increasing the rates of indirect taxes, rather than headline direct taxes. The Government’s commitment to the tax lock has left little flexibility for rate rises elsewhere."

     

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