Do Not Let Insurance Premium Tax Affect Your Private Medical Insurance Policy!

13 Jul Do Not Let Insurance Premium Tax Affect Your Private Medical Insurance Policy!

Here At Switch Health we will always try and negotiate the best deal with the insurers. Due to insurance premium tax increasing by 50% now is the best time to utilize Switch Health.

We will compare the market to find the best healthcare policy, so you don’t need to worry about expensive healthcare any more!

Commenting on the implications for the broader insurance industry at large, It is very disappointing to see a more than 50% tax increase being imposed on consumers, especially when the insurance industry and Government has worked so hard in recent years to bring down the cost of essential insurance.

The move could, however, be of potential benefit to providers and administrators of corporate healthcare trusts since as self-insured vehicles, they are exempt from IPT.

The move to increase IPT was part of a Budget today which also saw the Chancellor confirm plans to increase the increase the amount families can leave loved ones after their death without paying inheritance tax in a Budget which he said was focused on moving Britain away from a “low wage, high tax, high welfare economy”.

The widely-expected move on IHT will raise the threshold for family homes to £1m from £650,000 after April 2017.

The Chancellor said the move was part of a Budget which was “a plan for Britain for the next five years to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country we intend to create”.

The Chancellor also said £12bn would be sliced off the country’s welfare bill, including a reduction in the £26,000 benefit cap – the amount one household can claim in a year – to £23,000 in London and £20,000 in the rest of the country.

But while he announced a number of other initiatives to cut the country’s welfare bill, he said disability benefits will not be taxed or means-tested and the rate of Employment and Support Allowance paid to those deemed able to work to be aligned with Jobseekers’ Allowance for new claimants. Critics, however, said some disabled people could still be worse off as a result when the implications of the Chancellor’s overall plans to cut welfare are considered.

But while today’s Budget focused on cutting the welfare bill, the Chancellor also said he was giving Britain a “deserved pay-rise”. Middle class families would benefit through changes to the 40p rate of income tax, while those on lower incomes would also benefit from the introduction of a national living wage.

The Chancellor’s surprise move to introduce a national living wage of £9 by 2020 raised raucous cheers from the Tory benches and saw Work & Pensions Secretary Iain Duncan Smith punch the air in delight