Premium tax hits costs
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by Jane Sayer • The taxman will be dipping deeper into hauliers' pockets when the insurance premium tax comes into force on Saturday (1 October).
It will be charged at 2.5% gross and will apply to insurance premiums for all UK-registered vehicles, and to goods-in-transit cover for trucks operating in the British Isles.
Vehicles registered outside the UK and goods in international transit are exempt as are life policies and similar "long-term" insurance such as medical schemes.
Ray Mooney, marketing services manager at Commercial Union, says that even before this week's rise is taken into account, the rise in commercial vehicle insurance premiums over the past few years has been "substantial".
Contact the insurance premium tax helpline on (0645) 742541/542.