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Six stealth levies that add up to €3,000 per year

THERE are now half a dozen levies imposed on consumers in various guises, costing the average household €3,000 a year.

1) The new levy on private pensions will cost around €500 a year.

2) Last week, plans were announced for a levy on all home and motor insurance policies to cover losses at Quinn Insurance. This is likely to amount to between 1pc and 2pc of premiums.

3) A 3pc stamp duty applies on all non-life insurance policies.

4) A 1pc levy applies on all life assurance policies including mortgage protection policies.

5) Private healthcare policies have a flat €205 levy per adult imposed on each policy each year.

6) The universal social charge, which came into force this year, is levied at 7pc of gross earnings for most workers.

Irish Independent