Thursday, July 09, 2015
Government To Increase Insurance Premium Tax By 3.5%
The 2015 Budget has seen the 'Insurance Premium Tax' (IPT) sneakily increased from 6% to 9.5% with effect from 1st November. BIBA have described it as a 'stealth tax' as millions of consumers (car, home insurance etc) and business owners (shops, guest houses, tradesman etc) will have their insurance premiums automatically increased by 3.5% and putting an estimated £1.75billion extra money in the treasurers coffers. Apparently it's still a long way behind other EU countries but still a big increase in one go and the Conservatives look to have gone under the radar with this Budget tax increase!!!