PHILIP Hammond has unleashed a new stealth tax that will clobber 11.6million ordinary British savers, wiping huge amounts of money from their long-term investment policies with a string of big name insurance firms, it has been revealed.
“I understand the Government needs to raise extra revenue and its intention is to increase tax paid by companies.
“However, ordinary investors will also be paying more and this feels like a stealth tax because it was not explained properly at the time.”
A Treasury spokesman said: “We are changing the system to correct an imbalance.
But it has now admitted individual policy holders will be affected, describing the financial hit as “small”.
However, the Association of British Insurers has calculated the impact on firms will run to £841million over the next five years.
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