Budget 2015: Call to reduce insurance premium tax to 0%

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Mazars' has produced a wishlist for the budget, including reducing the rate of insurance premium tax (IPT) to 0%.

Other items on the wishlist include a clarification of the global profit shifting tax (the google tax) which is in its present draft "will destroy the UK reinsurance industry".

Howard Jones, head of insurance tax services at Mazars, said: "Although this is a pre-election budget the Chancellor must stay true to protecting and growing the UK economy.

"He must support the financial service industry and avoid populist grandstanding at the expense of multinationals that operate out the world's largest genuinely free market."

He added that the Treasury should: "Stop looking for the magical anti-avoidance legislation. Invest in HMRC so that they can properly assess multinational financial service companies and give certainty to the market."

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