Insurance premium tax puts UK at 'disadvantage'

Madicash disputes George Osborne's claims on IPT

clock • 1 min read

The hike in insurance premium tax (IPT) on private medical insurance puts the UK at a disadvantage compared to other countries in the European Union (EU), Medicash has said.

The cash plan provider said claims from Chancellor George Osborne's that the move brought UK firms into line with Europe were untrue. The standard rate of insurance premium tax - the tax paid each time an insurance policy is purchased in the UK - increased from 6% to 9.5% in November last year. Medicash highlighted that out of 29 EU countries, twelve have exempted healthcare from IPT whereas three do not have IPT at all. Only six have IPT on healthcare above 6%: Belgium (9.25%), France (9%), Greece (10%), Slovenia (6.5%), Slovakia (9.5%) and the UK (9.5%). Medicash chief executi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on Medical

Budget 2016: Insurance premium tax increases to 10%

Second rise in nine months

clock 16 March 2016 • 1 min read

Capita buys medical reporting firm

Capita Group has bought Insurance Medical Group Limited (IMG) for an undisclosed sum.

clock 07 September 2011 •

Feeling the squeeze

In today's healthcare and protection market, it is difficult to choose how best to market your products on a budget - Philip Wood explains

Philip Wood
clock 13 April 2011 •