Chancellor’s move is branded a ‘hammer blow for the hard-pressed’, with young drivers and those in London expected to be hardest hit
Insurers and motoring groups have reacted with fury to the government’s announcement that insurance premium tax (IPT) will rise to 12% from June next year.
The tax, which is added to 50m general insurance policies each year including those for cars, homes and private medical cover, had been described in the runup to the statement by the industry as the UK’s “fastest growing stealth tax”.
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