Insurance

UK raises insurance premium tax to 12 pct

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Britain will raise insurance premium tax by two percentage points to 12 percent from June 2017, finance minister Philip Hammond said on Wednesday in his first Autumn Statement address to Parliament.

The move represents a doubling in the tax rate on home and motor insurance premiums within the past two years.

Insurers usually pass tax increases onto policyholders.

(Reporting by Carolyn Cohn and David Milliken; Editing by Rachel Armstrong)

Reuters

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