George Osborne’s announcement in his Summer Budget that Insurance Premium Tax (IPT) will rise from 6% to 9.5% dismayed the industry because it will increase the cost of policies.
But what was perhaps overlooked at the time were the practical and technological problems the hike may create.
While insurers will charge the new rate from 1 November, providers operating the special accounting scheme can charge 6% or 9.5% for additional premiums on mid-term adjustments (MTAs) for policies incepted befo
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