Higher Insurance Costs for Us All

Following the Chancellor’s announcement in his Summer Budget that Insurance Premium Tax (IPT) will increase from 6% to 9.5%, experts are predicting that millions of drivers and home owners face a rise of more than £100 in their insurance policies. The change in IPT, which is effective from the 1st November 2015, will impact both consumers and business owners alike. The tax is applied to comprehensive car insurance policies, building and contents cover and private medical insurance. Life and mortgage polices and international goods in transit cover remain exempt.