Press release

LV= responds to IPT increase from 10% to 12%

Steve Treloar, LV= General Insurance Managing Director, said: “Government has incorrectly stated that IPT is a tax on insurers – it’s not, it’s a tax that consumers have to pay when they purchase insurance. This is now the third IPT increase in a row, so it’s extremely disappointing that the Treasury appears to be setting a precedent of placing an ever-increasing burden on hardworking consumers. We understood that the previous 0.5% IPT increase in the last Budget was specifically for raising an additional £700m funding for flood defence management – yet we are still no closer to understanding how this will be distributed. Unfortunately the Government has also been slow to implement its reforms around unnecessary and exorbitant motor claims, so this latest increase is yet another blow for consumers, hitting their pockets hard with, as yet, nothing to show for it.”

About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We are currently the UK's number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

Press contact

Kaidee Horton (née Sibborn)
Head of Media (Corporate, General Insurance & Brand)
020 7634 4240
07738 274 568