How badly are you hit by the insurance stealth tax raking in £7.45bn a year? LUNCH MONEY

How badly are you being hit by the insurance stealth tax?

Insurers have come under the cosh for hiking car and home insurance prices over the past year but the Treasury is making the pain worse, thanks to insurance premium tax.

This sneaky tax now rakes in an astonishing £7.45billion a year, but how much is it likely to be costing you – and is there any chance of it being cut?

On this episode of Lunch Money, Simon Lambert and Helen Crane, of This is Money, look at the insurance premium tax sting.

Also on the show, Victoria Scholar, of interactive investor, explains how Marks & Spencer got its spark back and looks at whether M&S’s strong performance that has sent shares soaring can continue.

And finally, after borrowers were hit by months of rate spike pain, what’s the good news coming out of the mortgage market?

You can also watch Lunch Money on This is Money’s YouTube channel. 

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