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INSURANCE PREMIUMS TO BE TAXED FOR THE FIRST TIME

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General insurance premiums will be taxed for the first time in October next year at 3%, the Daily Telegraph reports...
General insurance premiums will be taxed for the first time in October next year at 3%, the Daily Telegraph reports (pB2).

The tax affects all policies except long term insurance such as life assurance, endowment mortgages and pensions.

Leading insurer Norwich Union warned that once a tax was introduced at one rate, it tended to be raised in future Budgets.

Another unnamed leading insurer said the tax and even the costs of collecting the tax would be passed on to the insurers, although the Prudential announced it would absorb the cost of the new tax itself.
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