Brokers fear IPT could hit 20%


Market concerned that the tax will continue to rise steadily in Budgets to come.

Brokers and insurers have reacted to Chancellor George Osborne's Budget announcement of a 0.5% rise in Insurance Premium Tax (IPT) to pay for flood defences with a mixture of disappointment and relief.

Some argued any increase is a bad thing because of its impact on consumers while others privately feared a much steeper rise.

Brokers also raised the spectre of steadily continuing rises in IPT, possibly up to 20%, after Osborne announced last summer that the tax was to increase from 6% to 9.5% in

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