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Wednesday
Jun232010

Increase in Insurance Premium Tax 

DateWednesday, 23 June 2010

In yesterday's Emergency Budget the Chancellor announced an increase in the rate of Insurance Premium Tax from 5% to 6% effective from the 4th January 2011.  In addition the higher rate of 17.5% applicable to non-business travel insurance policies will rise to 20%.  This represents the first change since 1994. Whilst unwelcome the increase is not as feared by many leading industry figures. Happy news perhaps on a tax increase.

 

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