The Government has announced that the standard rate of Insurance Premium Tax (IPT) in the United Kingdom will increase from 10% to 12% with effect from 1 June 2017.
This will be the third rise since November 2015, meaning that IPT will have doubled from 6% to 12% in less than two years.
This comes as a challenge for customers large and small who are trying to manage their spending more than ever.
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GM Insurance Brokers Ltd 5 Mulberry Court, Lustleigh Close, Matford Business Park, Exeter. EX2 8PW