Insurance tax rise 'a raid' on consumers, says industry
An increase in Insurance Premium Tax (IPT) which takes place on 1 October amounts to a "raid" on consumers, the industry claims.
IPT, which rose to 9.5% last November, rises by half a percentage point on Saturday, to 10%.
Consumers who have policies covering cars, homes, pets and medical bills will all have to pay more.
However, the government said insurers did not have to pass the "small increase" on to their customers.
The extra money raised by the tax will be used to build new flood defences in Yorkshire and Cumbria.
Under the IPT changes, the average motor policy... read more
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