ABI: IPT increase will add £100 a year for some families
ABI says further increases must be avoided if insurance is to be accessible for all.
The Association of British Insurers (ABI) has set out who and what will be affected when Insurance Premium Tax (IPT) increases from 6% to 9.5% on 1 November.
The body notes the tax will paid each time an insurance policy is purchased in the UK and will affect 7.3 million car policies and 4.7 million household policies.
Any insurance policy with a start date after 31 October will have IPT charged at the new rate the ABI stated.
Increase
It added the change will add nearly £13 to the average
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