Insurance Post

ABI warns against further IPT hike in March budget as home premiums rise 3.1% in three months

tax-burden

The Association of British Insurers has warned the government against rolling out a further rise in insurance premium tax in the Chancellor’s upcoming budget, as independent research reveals a 3.1% rise in home premiums in three months.

The ABI has calculated that the decision to increase IPT from 6% to 9.5% in the summer budget last July has added an extra £100 to annual cost of insurance for many households in the UK.

The trade

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