Insurance specialists have expressed their disappointment after the Chancellor of the Exchequer, George Osborne, announced in the Budget statement that insurance premium tax (IPT) would rise to 10%.
This increase follows hard on the heels of the hike from 6% to 9.5% in the Budget last July.
Chris Patterson, group managing director of Bollington Insurance Brokers, described the increase as a “slap in the face” for consumers. “In essence they’re punishing people for buying insurance and protecting
- Mixed feelings from brokers on Aviva's subscription product
- MGA Fiducia and Hiscox sever marine cargo ties
- L&G's general insurance up for sale - report
- Circle expands again in 2018
- ICB and Finch owner aiming to double by 2022
- A Plan delivers further profit and turnover growth in 2018
- US and UK agree post-Brexit insurance trade deal