Market dismayed by further IPT increase
Brokers describe tax rise to 10% as a “slap in the face” but support increased funding for flood defences
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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