Business News • MarketWire • Increase in Insurance Tax Could See Car Insurance Premiums Rise By GBP 74(i) |
Increase in Insurance Tax Could See Car Insurance Premiums Rise By GBP 74(i) |
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Increase in Insurance Tax Could See Car Insurance Premiums Rise By GBP 74(i)
IPSWICH, UNITED KINGDOM--(Marketwire - June 20, 2010) - Concerns have been raised over the emergency budget, which is due to be announced on Tuesday 22nd June 2010, as speculation continues to rise over the new government's plans to increase insurance tax; significantly raising the price of car and home insurance policies. The current insurance premium tax (IPT) stands at five per cent, and covers motor, home and pet insurance. However, moves to align this rate with travel and extended warranty protection, which are taxed at 17.5 per cent, would be a "tax on people being sensible and taking action to protect themselves" according to a spokesman from the Association of British Insurers. The concern is that people could be put off buying the appropriate amount of cover for their needs and find they are not adequately covered in the event of a claim. Insurance lobby groups as well as industry
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