Tax
Motor rates accelerate as government's IPT hike is rolled out
The government’s introduction of higher insurance premium tax last month has served to accelerate average annual best buy motor policy deals by 10.9% to £696, according to market research conducted by Consumer Intelligence.
Household premium falls continue but tax rise could see reversal
Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
Tax costs could rise for UK insurers after European Commission cancels review
An ongoing review abandoned by the European Commission on Wednesday (28 October) could increase the tax burden for UK insurers.
ABI defends position on diverted profits tax after Insurer Nation criticism
The Association of British insurers has defended its actions on diverted profits tax after coming in from criticism from insurers.
Legal update: Beware the IPT trap
The November IPT hike might push businesses toward underinsurance, fears Helen Devery
The ABI says the worst has been avoided in BEPS reforms
The Association of British Insurers says the revision of international tax rules could have had unintended consequences on insurers but its proposals helped avoid the worst.
Europe: Lure of Liechtenstein
Liechtenstein has more companies than citizens, but are UK insurers keen to join its corporate club?
C-Suite - Broker: Sending a message
Attacks on honest motorists need to stop – and a strong message needs to be sent to fraudsters.
How insurers can get ready for the Fourth Anti-Money Laundering Directive
The Fourth Anti-Money Laundering Directive applies to a range of businesses, including insurers. After its formal adoption in June, European Union member states now have two years to implement the new rules into national law.
Admiral calls for fixed IPT levy to level playing field
Admiral has called for a fixed insurance premium tax levy, saying the way the tax is currently collected punishes those who can least afford it.
UK insurer CEOs lament IPT hike as H1 results are squeezed
Industry CEOs have criticised the government’s "regressive" decision to increase insurance premium tax, but have dismissed the tax hike represents a disconnect from government, amid widespread profit drops and combined operating ratio deterioration at…
HMRC to allow estimation of new IPT levels to ease back-office stress
Insurers are to be given a temporary relaxation in how they file their insurance premium tax returns to HM Revenue and Customs after Chancellor of the Exchequer George Osborne increased IPT by 56% in the July Budget.
IPT increase to be passed on to policyholders warns ABI's Shepherd
The Association of British Insurers has warned price hikes as a result of the increase in insurance premium tax are inevitable as its quarterly average household premium tracker showed a further fall in the cost of home insurance.
IPT exemption for young drivers and SMEs gains industry support
Moves by the British Insurance Brokers’ Association to secure an exemption for young drivers and SMEs from the insurance premium tax hike have been welcomed by the industry, amid fears increased motor premiums could tempt youngsters to drive uninsured.
Consumers considering cutting coverage in wake of IPT rise
The government’s decision to hike insurance premium tax will trigger a surge in customers moving to new providers and cutting back on or cancelling policies, according to research by Consumer Intelligence.
IUA warns insurers over imminent tax changes
The International Underwriting Association has warned that the insurance industry will be affected by a global reform of tax systems.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
Consumers bear the brunt of IPT hike amid fears of further increases
Policyholders look likely to foot the bill for a 56% increase in insurance premium tax, but fears have been raised that the government could look to squeeze the already competitive market further by bringing UK IPT into line with Europe.
Lure of Liechtenstein questioned as reports of insurer interest surface
The Liechtenstein financial regulator has flagged an uptick in insurance companies looking to establish a presence in the principality despite analyst scepticism about the benefit of the territory as an outpost for UK insurers.
Working group touted to tackle Gibraltar VAT loophole frustration
Insurer frustration around the differing VAT rates incurred by UK and Gibraltar-based firms has led to calls for an industry working party to lobby government to level the playing field.
Polish ECJ referral reignites possible UK liability to EU VAT on outsourcing
A case referred by Poland to the European Court of Justice is expected to reignite the UK insurance market’s potential liability to EU VAT on its back-office administration, which could cost the industry millions.
Regional Review: Belfast
For a community that has been forced to overcome more than its fair share of troubles in the last century, members of Belfast’s general insurance market may be forgiven for being cautious with their optimism regarding the future prosperity of the sector…
Blog: Private sector pain for brokers part of the price of peace in Northern Ireland
It is almost 17 years to the day since the Good Friday Agreement brought an end to 30 years of sectarian conflict in Northern Ireland, yet the lasting legacy of ‘The Troubles’ continues to have a profound effect on the local economy and the general…
PWC insurance tax expert not expecting budget surprises
PWC's insurance tax leader has told the sector not to expect any major concessions in next week's Budget.