Britain raises insurance premium tax to 12 pct
Thursday, 11 24 2016, Category: Insurance and Reinsurance, Country: United Kingdom
Britain will raise insurance premium tax by two percentage points to 12 percent from June 2017, finance minister Philip Hammond said in his budget statement on Wednesday, the third increase in less than two years.
The latest rise in the tax rate on home and motor insurance premiums represents a doubling in the rate compared with less than two years ago. The taxes are usually passed directly to policyholders.
Insurance executives have criticised the tax rises, which contributed to a sharp rise in motor insurance premiums in recent quarters.