IPT: higher and higher


Certainly three rises in a row were not expected. The tax had already increased from 6% to 9.5% on 1 November 2015, and then from 9.5% to 10% on 1 October 2016. So the jump to 12%, as announced by Chancellor Philip Hammond in the Autumn Statement, was a shocker for some. The Association of British Insurers described the 2 percentage point rise as a "hammer blow" while the British Insurance Brokers' Association called it "outrageous". Although one would expect anger about the potential damag