Welcome to our blog. As brokers we specialise in a range of insurance products using a panel of the top insurance companies in the UK. Here we bring you the latest news, stories and views in the insurance industry along with the latest from our company.
Thursday, July 09, 2015
Government To Increase Insurance Premium Tax By 3.5%
The 2015 Budget has seen the 'Insurance Premium Tax' (IPT) sneakily increased from 6% to 9.5% with effect from 1st November. BIBA have described it as a 'stealth tax' as millions of consumers (car, home insurance etc) and business owners (shops, guest houses, tradesman etc) will have their insurance premiums automatically increased by 3.5% and putting an estimated £1.75billion extra money in the treasurers coffers.
Apparently it's still a long way behind other EU countries but still a big increase in one go and the Conservatives look to have gone under the radar with this Budget tax increase!!!
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