5% hike set to hit firms in the insurance sector
The government’s refusal to back down over its proposed 5% rise in the uniform business rate could hit brokers and insurers.
Uniform business rate is a tax paid by occupiers and owners of commercial and industrial property to their local council, but at a rate set by central government.
The rate usually increases each year in line with the previous September’s retail prices index (RPI) inflation.
But critics have said September’s RPI of 5% was “an unrepresentative 17-year high and completely out of touch with council tax increases”.
The increase, which takes effect on 1 April, will apply to all businesses. Some small firms are eligible for rate relief but must register with their local authority.
Eric Galbraith, chief executive of Biba, said: “I have concerns about the costs affecting brokers, particularly the proposed increases in fees from the FSA. Any further business rate increases will impact brokers and couldn’t come at a worse time.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet