Access Insurance, an independent charity insurance brokers have started a campaign to persuade the government to exempt charities from IPT, Insurance Premium Tax. The campaign includes a government petition which has quickly garnered the first thousand signatures. Ladbrook are proud to announce our support for the campaign.
Charity Insurance is currently subject to the tax which is set to rise to 12% later this year. The latest rise announced by the treasury will mean the tax has now doubled in under two years, a new burden for the finances of charities. Many charities are already dealing with the double whammy of falling local funding and increased demand on their services. Some might speculate that the government intention over time is to bring IPT in line with Value Added Tax, in which case future increases might be possible.
Speaking of his campaign, Simon Hickman, CEO of Access said:
“It is disappointing to see the Government take aim at organisations and individuals who have a responsible attitude to risk, who have chosen to pay to protect their assets and liabilities. This is not a tax on insurers but a tax on policyholders.”