IPT increase to come into effect in October this year
Tax rises earmarked to help with flood defences despite government pledging last year that there were no plans for a further rate rise.
The standard rate of IPT will be increased from 9.5% to 10% with effect from 1 October 2016, according to Budget 2016 documents.
The Chancellor of the Exchequer, George Osborne, announced the 0.5% increase in his Budget today.
This is despite The Treasury telling the Association of British Insurers last July that there were "no current plans for another IPT rate rise".
The comments were made at a meeting on 30 July 2015 to discuss how the 9.5% rate, introduced last year, should be implemented.
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