IPT exemption for young drivers and SMEs gains industry support
Moves by the British Insurance Brokers’ Association to secure an exemption for young drivers and SMEs from the insurance premium tax hike have been welcomed by the industry, amid fears increased motor premiums could tempt youngsters to drive uninsured.
Chancellor George Osborne announced in the summer Budget - to the dismay of the general insurance market - that IPT will increase from 6% to 9.5% from November 2015.
Industry commentators have
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