Emergency Budget 2010: Travel insurance provider slams gulf in IPT rates
Specialist travel insurance and schemes provider, PJ Hayman has hit back at the rises in insurance premium tax (IPT) after Chancellor of the Exchequer, George Osborne, announced an increase from 5% to 6% on products such as motor and home while raising the top level charged on travel insurance from 17.5% to 20%.
Peter Hayman, director at PJ Hayman, commented: "We feel increasing the already high rate of tax charged on travel insurance is unjust and could result in people travelling without cover thus risking huge costs should they fall ill, have an accident or be a victim of crime."
The company called for the standardisation of the tax rate across all forms of insurance and claimed that the current system deters consumers from purchasing sufficient cover due to elevated costs. It added that the
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