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Budget 2023: Hunt ignores calls for tax relief on health insurance

by Owain Thomas
15 March 2023
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Chancellor Jeremy Hunt has ignored calls from across the sector to offer tax cuts or relief for those using some form of private health insurance or provision.

NHS waiting lists have continued to rise past seven million and more than 400,000 people are not working due to long-term sickness.

As a result, the industry argued there was a clear need to encourage individuals and employers to increase the use of private treatment where possible.

Insurers Axa health, Aviva and Bupa called for the taxation of private provision to be addressed along with trade bodies the Association of Medical Insurers and Intermediaries (AMII), the British Insurance Brokers Association (BIBA), the Association of British Insurers (ABI) and Confederation of British Industry.

Calls had centred on the need to reform the high levels of Insurance Premium Tax (IPT) or employee benefit tax placed through P11Ds which deter people from taking up cover.

However, delivering his Budget speech today, Hunt (pictured) made no mention of tackling either of these issues or encouraging take-up of any insured provision.

He did however, make further support available for small to medium enterprises (SMEs) who want to introduce occupational health support for their organisations.

 

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