Insurance premium tax increase could add £8 to cost

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Insurance premium tax increase could add £8 to cost

The increase in insurance premium tax could mean that the cost of insurance goes up by £8, according to one expert.

Spokesperson for the Association of British Insurers, Malcolm Tarling, said that while the rise which was announced during the recent emergency Budget did not come as a shock, the fact that consumers will now have to pay more for their insurance is a "disappointment".

He explained that although the increase will not be "massive", there will still be rises of around £8 for the average household on top of the cost of their policies.

However, he hopes that overall the increase will not put people off from taking out or renewing their policies, as it is good for society because it helps to protect people against losses.

Chancellor George Osborne announced that the tax was to increase to six per cent and increase of one per cent on the previous rate.

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