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No increase on Insurance Premium Tax in the budget!

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Good news for insurance premiums. No change in IPT  :)

This is the bit (currently 12%) that is charged on all insurance premiums which then goes directly to government.

Its been popular to increase this in previous budgets so it was a surprise that it was left alone this time.

Unlike VAT, IPT cannot be re-claimed by businesses and so it has been something of a cash cow for chancellors.






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