Budget 2016: Osborne increases IPT 0.5% with funds raised to be spent on flood defences
Insurance premium tax will rise again with Chancellor of the Exchequer George Osborne today (16 March) announcing in his Budget speech a 0.5% increase effective from 1 October.
Osborne, pictured, said the move was in response to increasing extreme weather events faced by the UK and he proposed "substantial increases" in flood defences would result from the tax hike.
However
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