What’s this all about?
The new chancellor Phillip Hammond has announced a rise in insurance premium tax (IPT) meaning the rate will increase to 12% from June 2017.
This is the third increase to the rate of IPT announced in less than two years. It affects general insurance policies such as home and car insurance and also includes private medical insurance.
Hammond said: “Insurance premium tax in this country is lower than many other European countries and half the rate of VAT. In order to raise revenue, it will rise from 10% currently to 12% next June.”
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