Insurance Premium Tax – Raised to 10%

Millions of households across the country will see their insurance bills rise as the Chancellor George Osborne confirmed in the budget a rise from 9.5% to 10% in insurance premium tax.

Prices will rise from 1st October this year and it will be the second time in a year the tax has been increased, with the first hike from 6% to 9.5% introduced on 1st November 2015.

The rise is smaller than the 3% predicted and the money raised will fund investment in flood defence.