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
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