Insurance premium tax (IPT) will increase by 0.5 percent to 10 percent, Chancellor of the Exchequer George Osborne announced in the UK budget statement today (16 March).
The 10 percent rate will come into effect from 1 October this year and the revenue raised from the additional 0.5 percent will be invested in flood defences and resilience measures.
IPT was raised to 9.5% from 6% last November.
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