January 7, 2010

They have to find some money from somewhere, of course, but did they really have to ruin brokers’ Christmas?

Fashion chain BIBA is reported to be in “emergency talks” with Her Majesty’s Chancellor Darling, or his minions at least, over the requirement imposed on brokers to collect IPT on personal lines administration charges.

Brokers argue the new IPT extension – intended to avert tax avoidance – is unworkable in its present form, that neither they nor insurers have the necessary systems in place – and that nobody knows what’s supposed to happen when multiple insurers are involved.

HMRC says it’s happy to listen to brokers’ concerns – though it probably prefers keeping up with the cricket or Harry Potter audiobooks with that nice Stephen Fry.

But unless and until HM’s Rake & Claw has a change of heart, it seems, brokers can put away their Christmas jigsaws and concentrate on the fascinating new pastime of making an unworkable system work.

That or flouting the law of the land.



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