On 8th July 2015, George Osborne, Chancellor of the Exchequer, delivered his Summer Budget 2015 to Parliament, the first budget since the General Election. With a Conservative majority, Osborne has the opportunity to enact policies that he believes ‘puts security first’ and provides a ‘Budget for working people’.
One of the most controversial and unexpected measures of the Budget was Osborne’s increase to the Insurance Premium Tax (IPT). Considered a necessity by the government but a surprise ‘stealth’ tax by industry insiders, the IPT increase has been met with consternation and confusion.
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