| Link(s): | Budget Submission (biba.org.uk) |
Context
BIBA has formally asked HM Treasury, ahead of the Autumn Budget, to cut the headline rate of IPT from 12% to 10%, exempt IPT on the insurance of multi-occupancy residential buildings which still require or are undergoing cladding remediation, and exempt IPT on cyber insurance products to increase take-up from SMEs. In addition, BIBA has called for a services trade agreement with the EU to help ease the shortage in the supply of affordable home and motor insurance in Northern Ireland.
Key points to note and next actions
The Chancellor of the Exchequer, Rachel Reeves, has set the date of the new government’s Autumn Budget for Wednesday 30 October 2024.