- 2016 National Retired Members Conference
- 13 June 2016
The Government introduced Insurance Premium Tax (IPT) in 1994 at a rate of 2.5% and this has been raised at an ever faster rate to 10%. However IPT on travel insurance, introduced in 1997, has a higher rate, currently 20%.
The adoption of the higher rate for travel insurance discriminates against pensioners whose health problems associated with ageing already command higher premiums and to add 20% tax on top of higher premiums is an insult to injury.
Conference calls upon the National Retired Members’ Committee to work with other trades unions and appropriate bodies to lobby hard for the elimination of this unfair tax on pensioners.