The Association of British Insurers has called on the Government to cut the Insurance Premium Tax (IPT) in the upcoming Budget which holds “hidden” fees that thousands of Brits pay on their car insurance. IPT is a tax levied on insurers which gets passed down to the customer and is covered in general insurance premiums including motor policies. It has doubled to 12 per cent since October 2015, making it more expensive for drivers to be covered. As the Budget announcement edges closer, the association explained that it’s high time the Government “unmasked” this tax which it said penalises peopl…
