IPT to rise again
The 0.5% rise is the second in less than a year and Chancellor said extra money raised would go towards flood protection.
The Chancellor of the Exchequer, George Osborne, has increased insurance premium tax again from 9.5% to 10%.
The increase follows on from the rise from 6% to 9.5% in the Summer Budget in July last year.
Flood
In the Budget statement today Osborne said that the extra £700m raised by the increase would go towards supporting those affected by flooding.
He added: "We can get started now."
The Chancellor warned that "markets are turbulent" and said that the UK was subject to a "dangerous cocktail of
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