Insurance premiums soar after tax double whammy



Home and motor insurance policies are set to become more expensive after a tax on premiums was hiked for the second time in less than a year.
Private medical and pet insurance products are also affected by the latest rise in the standard rate of insurance premium tax (IPT), which took effect yesterday and which insurers have dubbed “a raid on the responsible”.
The tax has now edged up 0.5 per cent to 10 per cent, having already jumped from 6 per cent to 9.5 per cent last November. The measure affects policies including car insurance, home insurance (buildings and contents), breakdown cover,... read more

 
1 October 2016 in Business, Views: 146
Source: Scotsman
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