Market dismayed by further IPT increase

george-osborne-imf-via-flickr

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