Insurance Premium Tax (IPT) will increase further to 12% from June 2017.
Chancellor of the Exchequer, Philip Hammond, revealed the increase - the tax is currently set at 10% - in the Autumn Statement.
It is the third time the tax has been increased in less than two years. In July 2015 the Summer budget saw it grow to 9.5% and just months later, in March this year, it went up again to 10%.
Prior to the Statement this afternoon (23 November) the insurance community had called for a freeze on IPT.
- Industry responds to reports of sexual harassment in Lloyd's
- FCA urges firms to apply for TPR and FSCR ahead of Brexit
- Ageas teams up with Darwin Clayton in £45m deal
- Marsh-parent raises $250m of fresh debt
- Blog: Future-proof professional indemnity
- Simon Matson says ‘complicated fat Arab’ slur regrettable but not discriminatory: Gallagher v Ardonagh
- UK Broker Awards open for entries