Uk pmi industry responds to tax increase
Britain’s PMI industry have responded with disappointment at the UK Chancellors decision to increase the rate of insurance premium tax (IPT) by more than 50% in the recent budget.
Chris Horlick, Distribution Director for AXA PPP healthcare, commented:
"Increasing the rate of Insurance Premium Tax from 6 per cent to 9.5 per cent will potentially make the provision of private medical insurance less affordable to many larger employers – at a time when many such employers need their people to be healthier and more engaged and productive than ever, and when pressures on the NHS are increasing".
Alex Perry, General Manager, Bupa UK said:
“We are naturally disappointed by the decision to raise insurance premium tax (IPT) by more than 50% on health insurance, as this will put premiums up for hard-pressed customers and lead many people to drop their cover because they can no longer afford it, which will put more strain on the NHS.”
“We need to make health insurance more affordable so that more people can access its benefits and we take some pressure off an overloaded NHS. Raising IPT on health insurance pushes us in the opposite direction.”