Insurtech UK responds to Spring Budget 2020

Following the Chancellor’s Spring Budget on the 11th March 2020, Insurtech UK provided the following comment in response to the announcements:

“Whilst the changes will undoubtedly have an effect to some Insurtech UK members, we are satisfied that the government have listened to the concerns raised. The reform to reduce the lifetime limit from £10m to £1m is some form of compromise, given that the Budget has outlined other additional initiatives to support startup businesses.

“We were also encouraged to see that there were measures within the Budget to address R&D tax credits, [enterprise management incentive (EMI)] options, [insurance premium tax (IPT)] and [value added tax (VAT)] for financial services. These are all issues that Insurtech UK are already engaging with government about and their inclusion offers a fresh opportunity to secure reforms to these areas for the benefit of insurtech startups.

“Of prime importance for Insurtech UK is that the government continues to support Britain’s ability post-Brexit to maintain and strengthen its position as an international hub for innovation and talent. We will continue to work closely with government to make the UK the most attractive place to set up an insurtech business.”

You can read coverage of this statement here.