Insurance broker expected more anger over 3.5% IPT hike


 

A leading commercial vehicle insurance broker has expressed surprise that the logistics sector has not reacted more angrily to the 3.5% hike in insurance premium tax (IPT) that came into effect this month. The rise, which was announced in the Budget in July and affects a range of insurance policy types including motor insurance and national goods-in-transit (GIT) cover, as well as buildings, contents, public liability and employer’s liability policies, leaves IPT adding 9.5% to basic premiums. The increase is […]