Tax on Insurance Premiums Set To Rise…

In the Chancellors latest budget he announced an increase in insurance premium tax to 9.5%. This will come into effect as of November 2015. The new rate will hit various different policies ranging from contents insurance to motor insurance, and is expected to generate up to £1.75bn a year for the Treasury’s coffers. The chancellors argument behind the rise was that compared to other countries, Great Britain has considerably lower insurance premium tax rates. To find out more, read the full article on the Telegraph website.