But the proposed hike in Insurance Premium Tax is proving controversial. The insurance premium tax will rise from 9.5% to 10% and Chancellor George Osborne has been mulling plans to raise the Insurance Premium Tax from 9.5% to 12.5%. Many say this will simply penalise customers for insuring their valuables.
The Association of British Insurers has estimated the tax — levied every time someone buys an insurance policy in the UK — will add £13 to car insurance policies and £10 to building and contents insurance on average. Liverpool Victoria boss Mike Rogers said customers would bear the brunt of any increase and urged the Treasury not to raise the tax, which was hiked from 6% to 9.5% in November. “It will increase the financial burden for millions of responsible households,” Rogers said. “It is not a tax on insurance companies — it’s a tax on insurance products which is paid directly by customers, effectively penalising them for doing the right thing and protecting the things they value most.”
Enable’s experienced IFAs in Bishop’s Stortford can help you work out the best way to make sure your work and property are protected and help you plan cover for you family should anything happen to you.
Source: BBC/Standard
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