General Insurance Article - No additional increase in IPT in the Budget

 “Buying insurance is an unavoidable cost for charities; either because they are legally required to, or because they are acting responsibly by putting adequate protection in place for their activities and assets. The doubling of IPT in the past two years up to 12% has been very hard to take for charities and any further increases would have been devastating.
 
 “We will continue to work hard alongside the Charity Finance Group (CFG) to raise awareness of the negative impact of IPT on the work that charities do and to urge the Government to consider an exemption or reduction for third sector organisations.”
 
 Background: Ecclesiastical – insurer of more than 45,000 charities and not-for-profit organisations in the UK - has been working with CFG since January to raise awareness of the impact of the continuing IPT increases on charities. While Insurance Premium Tax is a tax on general insurance premiums, such as home, car and travel insurance, the vast majority of charities, especially those who own property and have significant operational costs, are also impacted.