Impact on Healthcare Forces Insurance Premium Tax Review

The fairness and efficiency of Insurance Premium Tax (IPT) is being reviewed by the Government.

Experts within the private medical insurance (PMI) industry have forced the review which has also been backed by Stuart Scullion Chairman of the Association of Medical Insurers and Intermediaries (AMII) and 4 of the largest health insurance providers which wrote to the government before last year’s autumn budget.

There is concern that the cost of IPT on PMI providers goes against government’s plans to reduce ever increasing pressure on the NHS.

More needs to be done in helping and supporting the NHS.  This review has been lobbied for to prevent any more increases in IPT and to enhance the opportunity for people to take control and responsibility for their own wellbeing.

Comment

We are happy that the Chancellor, Philip Hammond, is now acting on this IPT review.  It does appear counterproductive to impose IPT on PMI, thereby punishing employers and individuals for taking control of their health, which in turn will then also reduce stress on NHS funding.