Medicash steps up call to make healthcare insurance IPT exempt

Medicash has called for healthcare insurance products to be exempt from Insurance Premium Tax (IPT).

The healthcare cash plan provider believes that healthcare insurance should be exempt from IPT in the same way that life insurance, permanent health insurance and all other long-term insurance products are.

Following the increase of the rate of IPT from six per cent to 9.5%, which was put into place 1 November, Medicare highlighted that businesses could be put off from making healthcare arrangements for their employees, further straining the resources of the NHS.

Sue Weir, CEO at Medicash, has written to the Confederation of British Industry (CBI), Federation of Small Businesses (FSB) and Institute of Directors (IOD), in hopes of getting to support of UK businesses. Weir also wrote to Chancellor George Osborne last month outlining why IPT will seriously impact the NHS and businesses in the UK.