News

The new chancellor Phillip Hammond has announced a rise in insurance premium tax from 10% to 12% and this will take effect from June 2017.

This is the third increase to the rate of IPT in less than 2 years and affects general insurance policies including private medical insurance. Travel Insurance IPT will remain at 20%.

It is worth noting that insurance premium tax in the UK is still lower than many other European countries and half the rate of VAT so expect further increases in the future as the Government clearly see IPT as a significant revenue generator for them going forward.

Our view is that increased IPT is bad for the UK economy as increased tax can result in some individuals or companies being tempted to under-insure or even non-insure.

We are proud to be sponsoring the Springboard Awards for Excellence 2016 on 24 November. Sanjay, Jackie and I are looking forward to welcoming our guests on the night. These include Martin Johnstone (Lester Hotels), Paul Fuykschot (The Stafford), Ruth Hansom (The Ritz), Gary King (Collins King), Dominika Kurowska (Harbour and Jones), Jeff Walker and Jason Leist (NIG).

The second Essex Business Briefings took place on 20th October, a series of business forums in association with INVEST Essex, Lambert Smith Hampton, Rickard Luckin and Wortley Byers Law.

The Essex Business Briefings aim to equip local businesses with information pertinent to the running of their organisations. This season continued with the theme of Innovation and how to transform organisations, helping them to deliver the best service.

Guest speakers from The Ideas Group, NatWest and Flakt Woods discussed their experience of managing innovation by unleashing the creativity within their workforce this was followed by a Q&A session which stimulated much thought amongst a full house of delegates.