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Insurance Premium Tax rise from June 2017

The standard rate of insurance premium tax rises to 12% this June.

The increase of 2% was announced in the Autumn Statement by the Chancellor, Philip Hammond last November.

It follows the previous increase in Insurance Premium Tax in October when it rose from 9.5% to 10%.

Insurance Premium Tax was introduced in 1994 at just 2.5%and has been increasing steadily.

According to media reports the last increase raised £700m for flood defence spending.

11/04/17

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