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Budget 2016: Fleets face higher insurance costs

Date: 16 March 2016   |   Author: Rupert Saunders

Companies are likely to face marginally higher insurance costs on company cars (and other insurance policies) as the result of a 0.5% increase in Insurance Premium Tax.

The tax rises to 10% with immediate effect; having already been increased from 6% to 9.5% last year.

The move comes against a backdrop of trying to reduce insurance premiums by clamping down on fraudulent whiplash and other injury claims. Moves by the government announced last year have not yet had a material effect on premiums.