Controversial proposals altered following industry feedback
The government has announced revisions to its controversial changes to insurance tax premium tax.
The Budget report says that following consultation with the insurance industry, the draft legislation published alongside the 2009 Pre-Budget Report has been revised.
The move to extend IPT to administration charges on personal line insurance generated shock waves across the broking community, when it was announced in last November’s pre-budget report.
The measures, which will generate £2.3bn of tax receipts per annum for the Exchequer, apply with immediate effect.
Representatives of Biba and the IIB have been carrying out intensive lobbying on the changes, which the government has defended as a tax avoidance measure.
The Budget also includes an announcement that the government is bringing forward a review of the taxation of foreign branch to be conducted alongside the reform of the rules governing the Controlled Foreign Companies with any legislative changes timetabled for next year’s Budget.
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