The Association of British Insurers has launched a new campaign to raise awareness of the fact that insurance premium tax affects 84% of households in the UK and has doubled to 12% since October 2015. The campaign is being fronted by a mascot named Snippy (pictured).

Mervyn Skeet, director of general insurance policy at the ABI, said: “It is high time we unmask this tax which penalises people and businesses for being responsible.

“This tax hits the poorest hardest because they typically spend more on insurance, such as home and motor cover, as a proportion of their income.

“There has never been a better time for the government to show its support to the millions of homeowners and businesses who do the right thing by buying insurance. We should cut IPT now.”

Image courtesy: Association of British Insurers