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MSE News: Autumn Statement 2016: Insurance premiums likely to rise for millions

Legacy_user
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Millions of households and motorists are likely to be hit with higher insurance premiums from next June...
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'Autumn Statement 2016: Insurance premiums likely to rise for millions'

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'Autumn Statement 2016: Insurance premiums likely to rise for millions'

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Are we sure this increase will apply from June 2017. Its surprising that he hasn't applied the increase retrospectively to screw us over just like this government already has with the student loan repayment threshold.0
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Are we sure this increase will apply from June 2017. Its surprising that he hasn't applied the increase retrospectively to screw us over just like this government already has with the student loan repayment threshold.
Yes. This is the 3rd increase in 18 months, the last two haven't been retrospective.
And it couldn't be anyway, as the insurer collects IPT from the consumer at point of sale/payment. If it transpires that amount wasn't enough due to a retrospective increase; the insurer couldn't be expected to either cover the difference or chase the client to pay more for cover they've already had.0 -
I suspect that the government is going to keep bumping up this tax until it matches the level of VAT. In effect, it is double taxation. They are taxing the premiums, which fund the claims, and then raking in VAT on the pay outs as well.
This is a very unfair tax. It doesn't target the better off; it hits those who are already paying exorbitant premiums, such as young drivers, and homeowners in flood-risk areas or with subsidence history.0
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